#NewsTrade Stocks Are Surging, But Bitcoin Is Dropping – What’s Going On?
Let’s break it down:
Short-Term Correction for Bitcoin:
$BTC Bitcoin recently jumped 10% over the past week. Now, it’s showing a bearish RSI divergence on the 4-hour chart, which usually signals a short-term correction is coming.
#TradeStories
$BTC Bitcoin Outperformed During Trade Uncertainty:
Over the past month, $BTC Bitcoin and gold outperformed stocks when there was fear over U.S.-China tariffs. Investors turned to “safe havens” like #NewsTrade Bitcoin during that period of uncertainty.
#SaylorBTCPurchase
U.S.-China Deal Boosts Stocks, Bitcoin Pulls Back:
Today, news of a U.S.-China trade agreement caused the stock market to surge 4% after a flat week. Bitcoin, however, dipped because it had already priced in (or “front-ran”) the optimism around the deal.
Bottom Line:
This is typical intraday volatility. Markets adjust to news differently, and in the long run, a strong U.S. stock market could actually support #SaylorBTCPurchase Bitcoin’s growth.
Support levels to watch: $100,000 and $93,000 – a bounce from these levels is likely soon.
