No, Bitcoin Didn’t Uncouple From Stocks But $6K BTC Is Back in Play

Bitcoin closes below 200-week MA

Bitcoin bounces after U.S. markets open

Is it different this time?

Such a move doesn’t mean that the correlation is gone. Gold and silver dropped massively after the open as well, implying that investors are still selling their risky assets to defend their equity portfolios.

Few signs point at relief bounce

It’s not unnatural to assume that Bitcoin will also see a relief bounce from here. The sentiment is at rock bottom and the crypto fear & greed index still shows an extreme fear reading of 8 out of 100. Similar figures have been seen around the bottom at $3,100 and the crash in February 2018 towards $6,000.

The bearish scenario for Bitcoin price

What’s the bearish case? It’s quite simple. Once the price of Bitcoin loses the $4,800 level, it’s reasonable to see strong downwards momentum from here. The levels to watch are $4,150-$4,200 and $3,750.

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