US stock market ended mix, and Bitcoin dropped below the USD 9300 level…Will the cryptocurrency corrected?

US stocks were mixed on Thursday, due to the anxiety over the spread of COVID-19 and the economic recession caused by the pandemic. On July 9th, Dow Jones Industrial Average 30 Index ended at 25,706.09, fallen 1.39%. And S&P 500 Index ended at 3152.05, dipped by 0.56%.

Meanwhile, The Nasdaq Composite ended at 10,547.75, gaining 0.53%, its seventh positive session in eight and another record close. Tech companies were benefitted by COVID-19 across the world.

Bitcoin(BTC) lowered down into the level of USD 9,300. The digital currency failed to break above the resistance line of USD 9,400, and dropped below USD 9,200. Its trading volume was decreased by USD 18 billion. According to Cointelegraph, Bitcoin price may be corrected.

"BTC/USD pair now faces a crucial bearish trend line around the USD 9,350 and the resistance line at the USD 9,600. It is expected to test the USD 10K resistance line if it can break above the resistance zone between the USD 9,580 and USD 9,600. Meanwhile, if BTC breaks below the USD 9,300 level, the price can be dipped by the USD 8,800 or even shows a strong decline towards USD 8,000 and USD 7,800," said Aayush Jindal, an analyst of NewsBTC.

"BTC has great volatility. I would recommend traders to put the majority of their funds into gold rather than BTC. But, I believe that BTC will eventually outperform gold. Yet, BTC is not easy to buy as it is in the early adoption cycle. If it was easier to buy, the price would be a lot higher," argued Mike Novogratz, the Chief Executive Officer(CEO) of Galaxy Digital and one of the biggest BTC bulls.

"BTC is a critical and strategic resource across the world. The governments have to map out a strategy to accumulate the cryptocurrency," tweeted Gabor Gurbacs, a Digital Asset Strategist of VanEck.

"Coinbase is preparing for listing on the US stock market. For this, an approval of U.S. Securities and Exchange Commission(SEC) is needed. If the authority approves the listing of Coinbase, it would be a landmark decision for cryptocurrency fans," reported Reuters, citing an official of the digital currency industry.

속보는 코인리더스 텔레그램으로 (클릭)

https://t.me/coinreadersofficial