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The price of bitcoin again closely correlates with the dynamics of the US stock market. Fears of a possible worsening of the situation with the coronavirus may pull stocks and, therefore, the cryptocurrency market. This is stated in the report of the Norwegian company Arcane Research.
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“The stock market has been experiencing difficulties lately due to recurring concerns about COVID-19. This Wednesday has become the worst day for the stock market in the last more than two weeks, ”experts say.
Correlation of the “barometer of the American economy” S&P 500 and the pair BTC / USD
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The company noted that due to the increase in the number of cases of coronavirus infection in the United States, economic recovery may be delayed. Uncertainty is also indicated by the highest VIX index values for two months.
“Investors should pay attention to this, since a new round of fears in the stock market can easily be transferred to bitcoin,” Arcane Research emphasizes.
So far, the cryptocurrency “fear and greed index” remains in the neutral zone.
“It seems that most market participants are patiently waiting for the next price movement, since many assets still remain in a rather narrow range,” the report said.
In the context of the technical analysis, analysts emphasize the importance of the level of $ 9,200, which price must be overcome in order to return to the mark of $ 10,000.
In case of failure and increased bear pressure, the price runs the risk of rolling back to the $ 8000 area.
Matum Greenspan, founder of Quantum Economics, previously noted that, against the backdrop of the coronavirus pandemic, Bitcoin is more closely correlated with the S&P 500 than ever.
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