NYSE and Bitcoin slumped...BTC bulls and bears are arguing about the future market

During the last night, the New York Stock Exchange(NYSE) remained chaotic with the surge of unemployment in the US and the endless anxiety over the second wave of the COVID-19. On June 18(ET), Dow Jones Industrial Average 30 Index was traded at 26,080.10, dipped by 0.15% compared to the previous trading session. Standard&Poor's(S&P) 500 Index was traded at 3,115.34, increased by 0.06%; Nasdaq tech stocks at 9,943.05, advanced by 0.33%.

For the last 24 hours, Bitcoin(BTC) was traded at the level of USD 9,400, lower than the previous trading session. Bitcoin bulls and Bears are disagreeing with opposite sides' views on the future of the BTC market.

"For the last 24 hours, the highest level of BTC price was USD 9,557, and the lowest was USD 9,240. Currently, it is trading around USD 9,375, higher than 50-day Moving Averages(MA). BTC faces strong resistance between USD 9,566 and USD 10,000; on the downside, the resistance line is at USD 8,876 - if the price is dipped below this level, BTC price is very highly likely to plummet," reported CoinDesk, an online cryptocurrency media.

"BTC now faces resistance at USD 9,466. The cryptocurrency's upside resistance is at between USD 9,600 and USD 9,662.69; on the downside, it may move at the level of USD 9,368, USD 9,270 and USD 9,075," explained FXstreet, the global economy media.

"When Bitcoin bulls reach beyond the hurdles near the USD 9,500 and USD 9,600, it would face the resistance at USD 9,800. If its prices above the level of USD 9,800, It may reach the level of USD 10,000," anticipated Aayush Jindal, an analyst of NewsBTC. "Meanwhile, if the digital currency fails to reach the resistance zone at USD 9,450 and the hurdle near the USD 9,500, it can decrease towards the USD 9,250 level. A continuous bearish trend would lead BTC price to be fallen by the level of USD 9,080 and the level of USD 9,000," he added.

"BTC will probably show a bullish trend in the mid and long term. Its main resistance area is around the level of USD 8,550, and in the mid and long term, such trend would last unless the resistance zone is collapsed. But, in the short term, BTC has yet to overcome the bearish trend, after its price peaked at USD 10,548 on June 2nd. So, a short-term bearish trend will always exist if its price fails to be recovered by USD 9,700 in the short term," suggested Charles, an analyst of OKEx.

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