The price of bitcoin (BTC) is as soon as once more seeing robust good points within the crypto market at this time, after hovering to ranges not seen since earlier than crypto’s “Black Thursday” on March 12, and once more positioning the asset above a key technical degree within the chart.
As of press time (11:40 UTC), bitcoin is up by 4.55% to a price of USD 8,150. The price implies that the primary cryptocurrency at this time has lastly damaged above the 8,000 mark, which occurred to additionally coincide with the extensively adopted 200-day shifting common degree. If the price closes above each of those ranges, technical evaluation means that bullish momentum is powerful and that additional good points could also be forward of us.
Following the most recent price good points, bitcoin has now recovered all of its losses from the extreme decline on March 12 and 13, sometimes called crypto’s “Black Thursday,” which introduced it down almost 50%. That is clearly additionally an essential psychological milestone for the market, given earlier feedback from distinguished traders like Mike Novogratz that bitcoin must “rebuild confidence.”
The #bitcoin price has recovered sharply after “Bloody Thursday” in March and is again to the identical ranges as seen be… https://t.co/n9MvwIr40O
The price gains in bitcoin were also accompanied with strong performance in several other major cryptoassets, such as ethereum (ETH) and bitcoin cash (BCH), which were up by 5.2 and 4.6%, respectively, over the same time period.
Despite the currently optimistic sentiment in the bitcoin market, however, some also point out that the price moves in bitcoin may be more closely correlated to the traditional financial market than bitcoin proponents like to believe. For instance, Bloomberg editor Joe Weisenthal noted today that “Bitcoin continues to basically track S&P futures,” although with a “higher beta,” meaning volatility.
Bitcoin continues to basically just track S&P futures. (Higher beta though) https://t.co/0yWrj7zn2M
Whatever the case may be, it is clear that today’s bitcoin strong rally has by far outperformed the stock market, with S&P 500 futures currently indicating an open a mere 0.88% higher.
#bitcoin is back at levels before Black Thursday – 48 days of recovery.