Bitcoin Price Action Caught Between Chinese Bulls and American Bears: Analyst

WEEKs=MONTHs Comparison: History doesn’t have to repeat (and policymakers are surely trying to prevent it) but it can rhyme. In a continuation of the prior 2 charts, below I blend them, but compare wkly vs mthly data. If we track 08-09, the bottom is still at least a month away.

Last week, the price action on the stock markets suggested that the bulls might be getting to action again. However, many investors predict further downfall in price suspecting it only as a relief bounce.

Bitcoin Caught between the US and Chinese trends?

The current market is still under the influence of the Coronavirus, the black swan event which seems to have invalidated most conceptions about the correlation between markets. Josh Rager, a popular derivatives and crypto trader tweeted,

S&P Futures and Bitcoin give mini pump while Gold gives mini dump

Always fun to see how all assets move with one another and long week ahead

The PA in these assets in the next two weeks will be critical in establishing short to mid-term trends.

Moreover, during 2009, the first signs of revival or investment in the economy began with risk-off assets like Gold and Silver. The decoupling between stock and commodity markets was the first sign was returning investor activity from their cash positions.

Furthermore, the Chinese economy is now beginning to recover from the impacts of the virus. This could be bullish for Bitcoin as well. Anondran, a prominent crypto analyst and trader tweeted,

Bitcoin’s price action in April is going to be a battle between Chinese Bulls and American Bears, since China is almost back to normal and US is only going to get worse on the COVID situation.

Do you think that the Bottom in Bitcoin is in? Please share your views with us.