A massive dump has just occurred with the entire crypto market losing $20 billion in market capitalization in just minutes. Bitcoin price is currently down at $10,167 but has been as low as $9,960 on Binance and other exchanges. The digital asset started plummeting this morning after the dollar started bouncing, however, the U.S. stock market also had a significant crash today with the Dow Jones losing almost 3% and 900 points.
It seems that Bitcoin’s correlation with the stock market remains strong. Bulls are now hoping to bounce off the daily 100-EMA or the weekly 26-EMA at $9,705.
This Is Not The End Of The Bull Run For BTC Price
While this dump might look rough, it’s by no means the end of Bitcoin’s bull run which is still strong in the longer timeframes. The weekly chart, for instance, is still bullish and in an uptrend and bulls can still easily hold the 12-EMA at $10,493. The last higher low would be $8,117, which means that anything above this level should be considered a higher low and a continuation of the uptrend.
Furthermore, the RSI has cooled off significantly after the recent move downward and would allow Bitcoin price to have a new leg up with less selling pressure.