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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
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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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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.         

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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. 

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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.  

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

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