With the fall of US stock, Bitcoin price lowered the USD 9300, experiencing record low volatility

US stock ended sharply lower due to the skeptical view on economic recovery and the conflicts between US and China. On July 7th, in the New York Stock Exchange(NYSE), Dow Jones Industrial Average 30 Index ended at 25,890.18, fallen by 1.51% compared to the previous session; the S&P 500 Index at 3,145.32, dipped by 10.8%; Nasdaq Technology Sector Index decreased at 10,343.89, decreased by 0.86%.

For the last 24 hours, Bitcoin(BTC) showed bearish sign, traded at the level of USD 9,200. "After faliling to break above the 50-day Moving Average(MA), or the level of USD 9,385, BTC is losing momentum," explained Coindesk. US stock market, which ended sharply lower, affected BTC.

“Bitcoin managed to approach the level of $9,300. The coin continues to trade in a narrow price range, meaning taht BTC market is experiencing record low volatility," explained Constantine Kogan, partner at BitBull Capital. "There appears to be sentiment that BTC at $9,000 is a good price point for traders to buy. Every time the market has poked its nose below $9,000, buyers have stepped in,” said Rupert Douglas, head of institutional sales at London-based broker Koine.

"Whether BTC moves upward the level of USD 9,400 would determine its future price. BTC has recently moved upward in short-term, but it failed to break above the barrier of the USD 9,400. The massive trading volume seems to making a strong resistance line, as traders are eager to see payback. We need to focus on the following point: Can BTC form a supporting line at the level of USD 9,250?; Can BCT break the psychological resistance line of USD 9,400?" suggested Neo, an analyst of OKEx.

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