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.
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.
— CryptOrca (@CryptOrca) March 19, 2020
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.
s&p 500 -14%
bitcoin +56% pic.twitter.com/KWmhDOryAW
— santi.eth (@santisiri) March 19, 2020
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.
Got there, muchos gracias.
People turning bull, also interesting.
Think we'll see some consolidation here, might see retest $5,650-5,700 and then one final push in to $6,100-6,400 before we'll test $4,400-4,800 again. pic.twitter.com/Ck3QBh35Zo
— Crypto Michaël (@CryptoMichNL) March 19, 2020
With the extra cash pumped around governments – Fed Reserve leading with a $700 billion injection – Bitcoin (BTC) looks like a safe haven for investors.