Bitcoin Guide & Analytics

Bitcoin Dives to $7,000 as S&P 500 Tumbles: Is This It for Crypto Bulls?

After the bullish price action that transpired on Monday, Bitcoin has been dealt a blow over the past few hours, tumbling from the daily high at $7,470 to a local low of $7,070 — slightly more than a 5% drop from the local high.This weakness comes as the stock market has stumbled for the first time in a week, with the S&P 500 index actually posting a slight 0.16% loss since the Tuesday open and after Monday’s 7% performance.But is this it for Bitcoin bulls?Related Reading: After Trashing Bitcoin, McAfee Is Promoting These Three AltcoinsBitcoin Bull Case Remains IntactAccording to many analysts, Bitcoin’s bull case remains intact, despite the recent weakness.In a post to his Telegram channel, popular crypto trader Filb Filb noted that BTC’s weakness stopped at two key levels: the 100-week moving average (simple MA) and the yearly volume-weighted average price, which implies that bulls remain in control for the time being. Bitcoin also remains above the yearly open price, adding credence to the bull case.Furthermore, a number of positive technical trends remain intact.Bloomberg wrote last week that Bitcoin’s recent move higher has allowed it to trigger a “positive divergence and a buy signal,” according to the indicator the DVAN Buying and Selling Pressure Gauge.DVAN buying/selling gauge shows Bitcoin could trigger buy signalBTC last saw this trend in January, prior to the 50 percent surge from $7,000 to $10,500. The same indicator also flipped bearish when BTC fell under $10,000 in the middle of February, adding credence to the recent signal.

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