The Bitcoin (BTC) price was testing the USD 9,500 level on June 16 after a recovery from nearly three week lows stuck at classic resistance levels. According to Coinmarketcap, Bitcoin’s market capitalization is currently USD 174,747,550,076.
Cryptocurrency market daily overview
The BTC price is centered on the USD 9,500
Data from Cointelegraph Markets and CoinMarketCap show that the BTC/USD has gained USD 600 in the last 24 hours to a peak of USD 9,570.
On Tuesday, Bitcoin’s progress stalled; the USD 9,500 showed a weak support level and an hourly performance that produced lows of USD 9,450 at the close of this edition.
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As reported by Cointelegraph, stock market action continues to determine Bitcoin Billionaire price performance. A pre-trade route on Monday led to a short trip below USD 9,000, while BTC’s recovery occurred in parallel with a rise in stocks.
The impetus for the fall and subsequent recovery came in the form of concerns about the coronavirus followed by a stimulus announcement from the US Federal Reserve.
After the Fed revealed that it would increase its presence in the bond markets, rumors emerged that Donald Trump’s administration was preparing a $1 trillion boost to infrastructure investment.
The result of Monday’s action appears to be that Bitcoin remains exposed to macro-force, despite the widespread „decoupling“ phenomenon that has seen the largest cryptomonalization since the big drop due to the coronavirus in March.