{"id":420105,"date":"2020-04-06T16:00:03","date_gmt":"2020-04-06T16:00:03","guid":{"rendered":"https:\/\/ktsl888.com\/?p=420105"},"modified":"2020-04-06T15:55:45","modified_gmt":"2020-04-06T15:55:45","slug":"rough-week-ahead-correlation-with-stock-market-could-be-deadly-for-bitcoin","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/rough-week-ahead-correlation-with-stock-market-could-be-deadly-for-bitcoin\/","title":{"rendered":"Rough Week Ahead, Correlation With Stock Market Could Be Deadly for Bitcoin"},"content":{"rendered":"

Bitcoin price<\/a> has nearly doubled since the cryptocurrency experienced a massive collapse in mid-March, falling to as low as $3,800.<\/p>\n

Although the first-ever cryptocurrency is now trading at prices above $7,000, with the way the asset has been tightly correlated to the stock market and with how rough the week ahead is expected to be, Bitcoin price could suffer yet another catastrophic collapse.<\/p>\n

Continued Correlation With Stock Market Could Have Deadly Implications As Coronavirus Cases Peak<\/h2>\n

Bitcoin price<\/a> has been closely tracking alongside the S&P 500 and other major stock market indices, which thus far hasn\u2019t boded well for the leading cryptocurrency by market cap.<\/p>\n

The selloff that first started in the stock market spilled over into cryptocurrencies, precious metals, and other assets, just as coronavirus fears began to spiral out of control.<\/p>\n

Related Reading | How the Dow\u2019s Fractal of Doom Could Take Bitcoin to $1,000\u00a0<\/a><\/strong><\/em><\/p>\n

The historic collapse<\/a> took Bitcoin price down to $3,800 after trading at over $10,000 just a month prior.<\/p>\n

In just a couple weeks following the massive drop, Bitcoin price is already trading well above $7,000. The hope of a recovery ahead of the upcoming halving this May has sentiment bullish once again, despite the current economic climate.<\/p>\n

But the recent rally in Bitcoin price<\/a> may come to an end this week, as the widespread expectation across the United States is that over the next two weeks, cases \u2013 particularly deaths \u2013 related to the spread of COVID-19 outbreak are expected to peak.<\/p>\n

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Futures trading around mid range.<\/p>\n

If SPX breaks this mini range to the upside I expect some of those higher fibs to be hit.<\/p>\n

Would look at the 50% 1st.<\/p>\n

I think the correlation between SPX and BTC will be back on this week.<\/p>\n

I just see a rough week ahead with the NY situation. pic.twitter.com\/opeXWHZ63P<\/a><\/p>\n

— CryptoISO (@crypto_iso) April 6, 2020<\/a><\/p><\/blockquote>\n