US stock rise, and Bitcoin recovered the USD 9,400 level…The cryptocurrency may be buoyed
US stock climbed thanks to the expectation for the governments' economic stimulus and the rise of tech giants' stocks. On July 8th(local time), in the New York Stock Exchange(NYSE), Dow Jones Industrial Average 30 Index traded at 26,067.28, climbed 0.68% compared to the previous session; the S&P 500 Index at 3,169.94, advanced 0.78%; Nasdaq Technology Sector Index at 10,492.50, buoyed 1.44%, scoring a fresh closing record.
For the last 24 hours, Bitcoin(BTC) showed bullish sign, recovering the level of USD 9,400. "Some indicators, including MACD histogram and RSI, suggest that the bearish trend following the June high of $10,430 has ended. BTC may break above the 50-day moving average(MA, the level of USD 9,373), facing the USD 10K level, the psychological barrier," reported Coindesk.
"On the downside, the weekly opening price of $9,077 is the level to beat for the sellers. A violation there would validate the bearish crossover of the five- and 10-week averages and could yield a quick drop to $8,630 (May 25 low)," it added.
"BTC briefly corrects its price, pushing on towards the general areas of $9,700, and possibly even $9,800. If things turn ugly, the USD 9,300 level will be the first main support line for BTC. Next, the psychological USD 9,000 would be the next most likely support area for a rebound," analyzed Cryptopotato.
"Yet, the motivation for the rise of BTC purchase remains lack. The descending channel's upside, that has continuously seen resistance, is the USD 9,400 level. If BTC breaks the level, the descending channel can be removed, turning from bearish market to bullish market. With a continuous increase in the resistance, however, the fund to break the resistance line is rising. BTC is likely to be rallied at night. If BTC secures the USD 9,400 level, the digital currency may continue to climb. Meanwhile, if the price plummets after breaking the USD 9,400 level, BTC would continuously fallen," explained Neo, the analyst of OKEx.
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