NYSE and Bitcoin price slipped and BTC price can be dropped

고다솔 인턴기자

| 기사입력 2020/06/18 [13:29]

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NYSE and Bitcoin price slipped and BTC price can be dropped

고다솔 인턴기자

| 입력 : 2020/06/18 [13:29]

Even with the expectation for fast economic recovery and the economic stimulus plan of the US government, the New York Stock Exchange(NYSE) was chaotic. The anxiety over the second wave of the COVID-19 and geographic risk in Asia are culprits.

On June 17(ET), Dow Jones Industrial Average 30 Index was traded at 26,119.61, slipped by 0.65% compared to the previous trading session. Standard&Poor's(S&P) 500 Index was traded at 3,113.49, dipped by 0.36%; Nasdaq tech stocks at 9,910.53, advanced by 0.15%.

For the last 24 hours, Bitcoin(BTC) price made movements at the level of USD 9,400. BTC trading volume was also decreased.

Investor psychology is unlikely to be improved. On June 17, Fear & Greed Index, developed by Alternative, a cryptocurrency data analysis firm, "Fear level" was continued, recording a value of 38, decreased by 1 point compared to the previous day. A value of 0 means "Extreme Fear" while a value of 100 represents "Extreme Greed".

"If BTC price records more than the USD 10,000 resistance level, the price would be rallied to USD 11,950. Meanwhile, the lowest level is USD 8,500. If BTC price is dropped below the level of USD 8,500, the price risks being plummeted to the level of USD 7,000," said Vijay Ayyar, head of business development with crypto exchange Luno, during the interview with CoinDesk.

"The surge of BTC futures trading volume from CME means BTC is seen as a crisis currency. And some anticipate that BTC may start to show strong performance," reported Crypto Briefing, an online digital currency media.

"The daily volatility of BTC was dipped under 50% and the last time this level was visited was back on 7 March 2020. The average of Bitcoin’s rolling monthly volatility has fallen below the 50% threshold 35 times since 2013. A long period of low volatility price consolidation often paved the way for a big move on either side. The longer the consolidation, the more aggressive the breakout or breakdown. It indicates that BTC price risks greatly falling in short time," analyzed AMBCRYPTO, citing CoinMetrics, a cryptocurrency data analysis firm.