RATE Group | Bitcoin & Stocks Rise as US Economy Grinds to a Halt — Furloughs Soar
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Bitcoin & Stocks Rise as US Economy Grinds to a Halt — Furloughs Soar

31 Mar Bitcoin & Stocks Rise as US Economy Grinds to a Halt — Furloughs Soar

Posted at 06:03h in Bitcoin News by

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Monday proved to be a surprisingly fruitful day for Bitcoin (BTC) price as the digital asset rallied 12.73% to $6,599 before pulling back to $6,380 a few hours later. 

Despite gloomy news of the U.S. reaching 3,000 deaths from the Coronavirus and major retailers furloughing 500,000 workers, traditional markets also surged on Monday. The S&P 500 rallied 3.35% while the Dow and Nasdaq gained 3.19% and 3.62% respectively. 

Crypto market daily price chart

 

Crypto market daily price chart. Source: Coin360

As discussed in a recent analysis, the price of Bitcoin needed to reclaim the $6,200 level to avoid a revisit to $5,870. Retaking $6,200 placed the price above the descending trendline and the 23.6% Fibonacci retracement level. 

BTC USDT 4-hour chart

BTC USDT 4-hour chart. Source: TradingView

Earlier in the day Cointelegraph contributor Michaël van de Poppe suggested that once above $6,200 the price could quickly rise to $6,600 and traders will note that today the price sliced through the volume gap from $6,250-$6,590 on the VPVR…

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