Bitcoin (BTC) Steadily Decoupling From Gold And S&P 500 As Price Surges Past $6,400 USD

By Lujan Odera
Published March 19, 2020 Updated March 19, 2020
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Bitcoin (BTC) Steadily Decoupling From Gold And S&P 500 As Price Surges Past $6,400 USD

By Lujan Odera
Published March 19, 2020 Updated March 19, 2020

After dropping to the $3,600 US region in the past week, BTC is back above $6,000 USD signaling a possible spike back to 2020 highs. The spike sets the top crypto asset on a decoupling run from traditional assets such as gold and the stock market after a global asset market collapse due to the COVID-19 virus pandemic.

Bitcoin (BTC) tops $6,400 USD, in a 8% hour burst

The Bitcoin bulls are back roaring after a week or so in depth of sub-$5500 levels. On Mar. 19 between 1500 hrs. UTC and 1600 hrs. UTC the price of BTC against the dollar soared by 8.91% from a low of $5,800 USD to touch an intraday high of $6,432 USD on Coinbase.

BTCUSD price 24 hours
Image: Coinstats

This magnanimous rise in BTC is finally giving hope to the BTC perma bulls, who have suffered as the coin traded in a sideways movement for the better part of the week since the Mar. 12th “Black Thursday” market crash.

A decoupling run for Bitcoin against legacy assets

As the price of BTC continues to shine its light on a bullish path, pushing up cryptocurrencies along with, the rest of the asset market is lagging behind. An ounce of gold, the safe asset, opened the market 2% lower on Thursday, and the S&P 500 has gained only 0.72% since market open.

With the current results setting in, it could be a two way street for Bitcoin’s current bullish journey: it is either decoupling from the rest of the market or leading the rest of the market. Either way, it signals a bullish run on the top crypto in coming days.

Bullish signals to $8,000 USD?

After flipping the apocalyptic $6,000 USD mark, BTC/USD bulls are targeting major resistance at $8,000 USD in a bid to re-spark the 2020 bullish momentum. However, one crypto analyst claims the bottom is yet to set in the current reawakening as price will retest the $4400-$4800 support area before experiencing a bullish run.

With the extra cash pumped around governments – Fed Reserve leading with a $700 billion injection – Bitcoin (BTC) looks like a safe haven for investors.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Lujan Odera
396 Articles
Been in the field since 2015 and he still love everything blockchain and crypto! FC Barcelona fan. Author and journalist. Follow him at @lujanodera.

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