RATE Group | Bitcoin Ekes Out Gains but Remains in Red Amid Broader Market Rebound
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Bitcoin Ekes Out Gains but Remains in Red Amid Broader Market Rebound

14 Mar Bitcoin Ekes Out Gains but Remains in Red Amid Broader Market Rebound

Posted at 05:37h in Bitcoin News by

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Bitcoin (BTC) recovered slightly from Thursday’s brutal selloff as global financial markets creep back into the green.

After dipping below $4,000, the world’s leading cryptocurrency posted some gains and is currently trading at $5,431 as of 20:00 UTC Friday. While bitcoin is still down 15 percent over the last 24 hours, traders started buying after it hit a 12-month low of $3,855 around 02:00 UTC on Coinbase.

On the one hand, the timing of the turnaround supports the notion that bitcoin is more correlated with traditional markets than its advocates have long believed.

coinbasemar13
Buying began on Coinbase at 02:00 UTC March 13, and showed a bit of a recovery. Source: TradingView

“The rally from the low coincided with a turn in the equities market,” noted Max Boonen, CEO of B2C2, a London-based over-the-counter (OTC) market maker.

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Candles on the Nikkei 225 are still trading below the 10-day moving average but did gain a bit. Source: TradingView

Indeed, Japan’s Nikkei 225 Index chart shows…

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