RATE Group | Glaring Downside Risks Make Bitcoin Correction Likely Despite “Buy the Dip” Sentiment
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Glaring Downside Risks Make Bitcoin Correction Likely Despite “Buy the Dip” Sentiment

23 Apr Glaring Downside Risks Make Bitcoin Correction Likely Despite “Buy the Dip” Sentiment

Posted at 08:07h in Bitcoin News by

  • Bitcoin crawled back above $7,000 this Thursday trade but failed to confirm a bullish breakout.
  • The cryptocurrency rebounded as US Stocks and Oil broke their two-day losing streak.
  • Analysts are concerned that the markets are overly optimistic.

Bitcoin jumped back above the key support/resistance level of $7,000 on “buying the dip” sentiment Thursday but failed to turn the rebound into a full-fledged bullish breakout.

The benchmark cryptocurrency surged 4.95 percent to 7,191.99 after dropping by more than $500 at the start of this week. The move uphill came in sync with a similar upside recovery in the US stocks and oil market. The Dow Jones Industrial Average gained 2 percent 23475.82 while Brent crude finished 5.4 percent higher at $20.37 a barrel.

The parallel moves once again proved a growing positive correlation between Bitcoin and traditional equities. The otherwise different assets fell together owing to the economic crisis caused by the novel Coronavirus. Meanwhile,…

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