RATE Group | Market Wrap: Bitcoin Can’t Stick to $9,000 While Stocks Rally
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Market Wrap: Bitcoin Can’t Stick to $9,000 While Stocks Rally

26 May Market Wrap: Bitcoin Can’t Stick to $9,000 While Stocks Rally

Posted at 22:30h in Bitcoin News by

The equities markets far outpaced cryptocurrencies Tuesday on optimism that economic restrictions put in place to help slow the spread of the coronavirus are easing.

Bitcoin (BTC) poked its head above the $9,000 level briefly during morning trading in New York but fell to below $8,700 on selling. As of 20:35 UTC (4:35 p.m. ET), bitcoin was trading at $8,846, a loss of 1% over 24 hours.  The largest cryptocurrency by market cap is currently trading below its 10-day and 50-day technical indicator moving averages, a signal of bearish sentiment. 

“Bitcoin failed to break higher and has been bouncing off support in the $8,700 region,” said Max Boonen, CEO of cryptocurrency liquidity provider B2C2.

btcmay26
Bitcoin trading on Coinbase since May 24
Source: TradingView

While bitcoin has been trending lower, Tuesday’s big winners are stocks.

The Nikkei 225 in Asia closed trading up 2.2%, with the index hitting a three-month high as Japan ended its pandemic-induced state of emergency measures….

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