Forex and Crypto News

Bitcoin declines after weak US data

17:39 15 May /2020

It seems that the three-day bullish rally of Bitcoin, during which he was able to reach the $10000 mark, has ended. On Friday, the BTC/USD pair changed the movement. During the Asian session, the pair declined to the $9200 area, but then recovered to the $9470 area.


Bitcoin began to decline along with futures on US stocks. The decline occurred after the Fed announced a weak economic growth in the US economy, a growing rate of jobless claims, and a possible trade war between the US and China. A drop in Bitcoin was expected, as gloomy expectations began on Wednesday after a speech by Federal Reserve Chairman Jerome Powell. Weak US unemployment data also put pressure on Bitcoin. On the other hand, the Dow Jones, S&P 500, and Nasdaq Composite also showed a decline.

From a technical point of view, the three-day rally of Bitcoin allowed traders to get short-term profit, as the price of Bitcoin showed an increase of 14%. Also, Bitcoin has reached a psychological mark of $10000, where sellers' moods are strengthening. When this mark is reached, sellers try to sell the previously purchased Bitcoins to cover their losses, knowing that the $10000 mark remains insurmountable and a rollback will follow.

Today's recovery from a low of $9226 was due to buying sentiment, which helped the BTC/USD pair recover to the area of $9400- $9500.

Bitcoin still lacks volumes when trying to break the $10000 mark and gain a foothold above it. To maintain an uptrend, Bitcoin needs to stay above $9500. However, movement below this level may lead to a decline in the area of $8000.

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