US stock and Bitcoin shows a sign of decoupling…How about the cryptocurrency’s price?

Even with the anxiety over the second wave of COVID-19, US stock climbed thanks to the expectation for the virus vaccine and decent economic index and the rise of bank profits. On 15th(ET), in the New York Stock Exchange(NYSE), Dow Jones Industrial Average 30 Index traded at 26,870.10, rose 0.85% compared to the previous trading session. S&P 500 Index ended at 3,226.56, advanced 0.91%; the Nasdaq Composite Index recorded 10,550.49, increased 0.59%.

For the last 24 hours, Bitcoin(BTC) price has no change, remaining at the USD 9,200 level. "While Bitcoin maintains its price between USD 9,100 and USD 9,300, major US stocks rose by 1~2%, showing a sign of decoupling," reported Cryptopotato.

Yet, investors are too worried about trading cryptocurrency. Fear & Greed Index, provided by Alternative, recorded 44, increased 1 point compared to the last session. Fear level is continued, though investor's anxiety over trade is slightly improved.

According to market analyst Michael van de Poppe, the uptrend of Bitcoin remains intact due to resilience at a strong support area. "If BTC continues to defend the $9,200 level and breaks out above $9,300, a rally to above $9,600 is likely," he anticipated.

"Bitcoin price decreased at the level of USD 9,100, but it quickly recovered at the level of USD 9,200. A strong supporting line is formed near the USD 9,100 in short-term. In the mid-term, the main supportin line is the USD 8,800 area. For now, if Bitcoin fails to reach the USD 9,500 level, the fall of the cryptocurrency price is highly likely to be seen," said Neo, an analyst of OKEx.

"The TD9 sell indicator emerged on the S&P 500 chart across various time frames. Considering the heightened level of correlation between Bitcoin and stocks, it might hint at a short-term Bitcoin price pullback," suggested Joseph Young on Cointelegraph article.

"The 7-day average of Bitcoin's activated dress recorded 478,669, the largest increase for the first time in recent 30 months. While Bitcoin price has mostly recorded from USD 9,000 to USD 10,000 for last couple of months, its volatility was the lowest since November, 2018. BTC price can be largely increased soon," explained Coindesk, citing a data from Glassnode.

"Most Bitcoin holders say they would hold the digital currency forever, meaning that they have a great confidence in BTC price, even though it falls for decades. Holding the cryptocurrency is not a good action. If you just hold it, BTC can be a white elephant," argued Peter Schiff, a famous pessimist of Bitcoin. Meanwhile, in a survey conducted on his twitter account, 57% of respondents said that "I'm taking BTC to my grave".

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