RATE Group | Relief Bounce May Stop $7.5K Bitcoin as Global Markets Face Disaster
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Relief Bounce May Stop $7.5K Bitcoin as Global Markets Face Disaster

10 Mar Relief Bounce May Stop $7.5K Bitcoin as Global Markets Face Disaster

Posted at 07:40h in Bitcoin News by

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A bloody Monday for the equity and oil markets, as Europe stock markets are dropping by 8%, while oil has seen a drop of 30%. But it’s not only equity markets as the crypto market is also experiencing the same pain with Bitcoin (BTC) dropping $1,500 during the weekend. 

Wouldn’t it be expected to see Bitcoin move up during economic instabilities? The opposite seems so, while gold has been showing strength over the past weeks.

Crypto market daily performance. Source: Coin360

Bitcoin can’t break through $9,150 and retraces to $7,500

The price of Bitcoin made a significant drop two weeks ago, as the market experienced a similar $1,500 decline during that week. However, some relief was found during last week, after which another crash occurred following a rejection of $9,150 during the weekend. 

BTC USDT 1-day chart. Source: TradingView

The price of Bitcoin had to break through the $9,150-9,300 level to sustain any upwards momentum. However, the test failed, and confirmation of…

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