US stocks rose while Bitcoin had no change…Can it reach the level of USD 9500?

US stocks rose, even with the new conflict between US and China as US shut China's Houston consulate. Optimistic news about COVID-19 vaccine and economic stimulus helped the rise of US stocks. On 22st(ET), in the New York Stock Exchange(NYSE), Dow Jones Industrial Average 30 Index traded at 27,005.84, advanced 0.62% compared to the previous trading session. S&P 500 Index ended at 3,276.02, increased 0.57%; the Nasdaq Composite Index recorded 10,706.13, rose 0.24%.

For the last 24 hours, Bitcoin failed to rally again and traded at the level of USD 9,300. "Currently, BTC is trapped in Bollinger Bands, which is currently at the range of USD 9,424 and USD 9,037. If bitcoin breaks the USD 9,424, it would rebound, reaching USD 9,800 and USD 10K. Meanwhile, if it falls below the USD 9,037, bitcoin would expose the 200-day moving average(MA), USD 8,560," anticipated Coindesk.

"BTC/USD can move to the resistance zone of USD 9,500 and USD 9,550, after breaking the USD 9,400 resistance line. It is also likely to reach the USD 9,650 and USD 9,800. But, if it falls below the USD 9,300 supporting line, the price can record USD 9,200 and USD 9,000," said Aayush Jindal, an analyst of NewsBTC.

"BTC is following the NASDAQ dotcom fractal in 2008. The structure prevails, and then, BTC price can reach USD 20K in January, 2021," reported NewsBTC, citing Jack Sparrow, a renowned market analyst and cryptocurrency trader. "I've studied the correlation between S&P 500 and bitcoin for a decade. Considering the current S&P 500 Index, Bitcoin's price should record the USD 25K," argued Plan B, a creator of stock-to-flow ratio(SF).

"Bitcoin price rallied from USD 9,200 to USD 9,450, and it seemed a bearish signal, which was shown for a month, is removed. But, it failed to maintain bullish signal. If BTC bulls succeed in defending the USD 9,300 level, BTC is likely to rally over USD 9,450. In the meantime, if its price is not stabilized above the USD 9,450 line, BTC is likely to dip by the USD 9,250 level," explained NEO, an analyst from OKEx.

Investor sentiment is recovered. Fear & Greed Index, provided by Alternative, recorded 50, increased 6 points, turning into 'Neutral' level. In the index, a value of 0 means "Extreme Fear" while a value of 100 represents "Extreme Greed".

속보는 코인리더스 텔레그램으로 (클릭)

https://t.me/coinreadersofficial