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Bitcoin Price Slides Below $9,500 Amid Stock Market Sell-Off

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Thu, 11/06/2020 - 15:41
Bitcoin Price Slides Below $9,500 Amid Stock Market Sell-Off
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The Bitcoin price has recently plunged more than four percent below the $9,500 level  

At the time of writing, the number one cryptocurrency is changing hands at $9,517 after touching an intraday low of $9,475 at 15:10 UTC on the Bitstamp exchange.    

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image by tradingview.com

Bitcoin's recent price plunge coincided with an all-round stock market sell-off that evidently affected cryptocurrencies as well. 

This has strengthened the waning narrative that Bitcoin is now increasingly correlated with U.S. equities.  

The S&P 500, the benchmark index, is currently down 3.25 percent (104 points). It is on track to have its second red day in a row after a headline-grabbing rally in early June.         

Related
Bitcoin Price Forming New Selling Pattern, Bloomberg's Indicator Shows

According to cryptocurrency analyst Mati Greenspan risks a drop to the $8,000 is it fails to hold the yellow trendline pictured on his chart. 

Mati
image by @MatiGreenspan

If the bulls manage to defend it, Greenspan predicts that BTC could surge back to $10,000 by the end of the day.  

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