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

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Thu, 06/11/2020 - 15:41
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Alex Dovbnya
The Bitcoin price has erased its June 10 gains during a violent day on Wall Street
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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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.