BTC price dipped by USD 9300, resulted by the fall of U.S stock...How analysts see the future of the cryptocurrency?

Last night, in the New York Stock Exchange(NYSE) the U.S stock fell sharply, amid the anxiety over the spread of COVID-19 and the delay in the economic recovery. On June 24th(Local Time), all three indexes greatly declined in the trading session: The Dow Jones Industrial Average dropped 2.72%, trading at 25,445.94; S&P fallen by 2.59%, trading at 3050.33; Nasdaq dipped by 2.19%, trading at 9909.17. Nasdaq snapped 8-day winning streak, recording below 10,000; Dow Jones lowered 26,000.

Bitcoin(BTC), which showed a bullish sign, also plunged by the level of USD 9,300, suggesting that the cryptocurrency won't be easy to break above the USD 10K. 

"BitMax, a BTC derivative exchange, unwound positions, leading the digital currency price to be plunged by USD 9,300. Most analysts, however, don't see this change as a bearish sign for BTC," reported U.Today, a blockchain news website.

"Jack Sparrow, a prominent BTC trader, said that the level of USD 9,138 would be critical to anticipate the staggered growth of BTC. Scott Melker, another BTC trader, predicted that BTC price will record by USD 9,500, unless its price lowered the level of USD 9,260," added U.Today.

"The fall of U.S stock prices, caused by the pandemic, is partly to blame for the decline in BTC price. If BTC bulls fail to hit USD 10,000, the cryptocurrency would face increased bear pressure, even with positive views and the strength of technology index. Then, BTC risks dipped by USD 9,000. If its prices record less than USD 9,000, BTC would sharply fallen by 200-day Moving Average(MA)," reported CoinDesk, an online cryptocurrency media

"On June 24th(Local Time), the economic risk, caused by coronavirus, is a culprit of the fall of BTC and U.S stock. Like March and June 11th, the economic crisis, affected by the virus, prompted both BTC and U.S stock to tumble down. Such trend has no relation with whales' wallets, futures manipulation and Plustoken scammers," tweeted Plan B, a cryptocurrency analyst.

Meanwhile, Jay Hao, the Chief Executive Office(CEO) of OKEx, shared his view on BTC by posting a material on LinkedIn. "By the end of March, BTC price rose astonishingly 58%, from USD 6,580 to USD 10,400, thanks to the approval of the U.S government economic stimulus plan. The price is highly likely to be increased further when the stimulus plan is enacted. BTC listing, caused by the stimulus plan, would be driven by retail traders, who express greater interests in BTC," he opined.

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