EU economic stimulus package led Bitcoin to recover the USD 9,400...Plan B "The cryptocurrency would reach USD 2.5K"

고다솔 인턴기자

| 기사입력 2020/07/22 [11:24]

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EU economic stimulus package led Bitcoin to recover the USD 9,400...Plan B "The cryptocurrency would reach USD 2.5K"

고다솔 인턴기자

| 입력 : 2020/07/22 [11:24]

US stocks were mixed, and following three factors are the major reasons: The world is expecting the development of new COVID-19 vaccine; The EU leaders adopted new economic stimulus package; The tech giants' stocks failed to rise. On 21st(ET), in the New York Stock Exchange(NYSE), Dow Jones Industrial Average 30 Index traded at 26,840.40, advanced 0.6% compared to the previous trading session. S&P 500 Index ended at 3,257.30, increased 0.17%; the Nasdaq Composite Index recorded 10,680.36, decreased 0.81%.

For the last 24 hours, Bitcoin(BTC) traded at the USD 9,300. The cryptocurrency briefly increased by the level of USD 9,400, but it failed to rise, maintaining its price at the USD 9,300 level. And its trade volume reached by USD 18 billion.

"European Union leaders reached a historic agreement on a stimulus package earlier this morning. With the news, Bitcoin broke above the USD 9,400 resistance line, that it failed to break for last 3 weeks," reported NewsBTC.

"Bitcoin jumps above the USD 9,400, gaining momentum, and major indicators, including RSI, show positive signs. When BTC breaks the USD 9,480 early, it can rally around the USD 10K. Meanwhile, it can show bearish sign, when it falls to the USD 9,000 supporting line," analyzed Coindesk.

Michael van de Poppe, a renowned cryptocurrency market analyst, anticipated that BTC/USD can reach the USD 9,600. Plan B, another cryptocurrency expert and stock-to-flow(SF) creator, envisioned BTC/USD at USD 25K, citing the pair's growing correlation with the S&P 500.

"No one seems to expect BTC price, but it will unexpectedly set for another bull run, clinching record high once again, reaching USD 2K," tweeted The Moon, a famous bitcoin trader.

Investors are still cautious. Fear & Greed Index, provided by Alternative, recorded 44 like yesterday, remaining 'Fear' level. In the index, a value of 0 means "Extreme Fear" while a value of 100 represents "Extreme Greed".