Bitcoin continues to break new all time highs for 2019 day after day, currently trading at $5,929 and inching closer to the $6,000 resistance level. As discussed in our previous Bitcoin price analysis article, BTC/USD is starting to follow the same pattern as the stock markets which could signal that institutional investors are finally hopping on the crypto band wagon.
If Bitcoin is in fact consolidating it’s movements with the stock market then we are in for a nasty day of trading today. After dropping over 450 points on Sunday and recovering on Monday, Dow is back at it dropping more than 500 points as the China-U.S tension is bringing out the bears. So far, Bitcoin remains relatively stable at the $5,800-$5,900 support levels and is not showing any signs of weaknesses just yet.
To further confirm traders’ speculation that current market movements are about fundamental forces and not random, crypto prime dealer SFOX just released their April Volatility Report in which the SFOX research team stated: