The price of bitcoin (BTC) is once again seeing strong gains in the crypto market today, after soaring to levels not seen since before crypto’s “Black Thursday” on March 12, and again positioning the asset above a key technical level in the chart.
As of press time (11:40 UTC), bitcoin is up by 4.55% to a price of USD 8,150. The price means that the number one cryptocurrency today has finally broken above the 8,000 mark, which happened to also coincide with the widely followed 200-day moving average level. If the price closes above both of these levels, technical analysis suggests that bullish momentum is strong and that further gains may be ahead of us.
Following the latest price gains, bitcoin has now recovered all of its losses from the severe decline on March 12 and 13, often referred to as crypto’s “Black Thursday,” which brought it down nearly 50%. This is obviously also an important psychological milestone for the market, given earlier comments from prominent investors like Mike Novogratz that bitcoin needs to “rebuild confidence.”
The #bitcoin price has recovered sharply after “Bloody Thursday” in March and is back to the same levels as seen be… https://t.co/n9MvwIr40O
— Arcane Research (@ArcaneResearch)
The price gains in bitcoin were also accompanied with strong performance in several other major cryptoassets, such as ethereum (ETH) and bitcoin cash (BCH), which were up by 5.2 and 4.6%, respectively, over the same time period.
Despite the currently optimistic sentiment in the bitcoin market, however, some also point out that the price moves in bitcoin may be more closely correlated to the traditional financial market than bitcoin proponents like to believe. For instance, Bloomberg editor Joe Weisenthal noted today that “Bitcoin continues to basically track S&P futures,” although with a “higher beta,” meaning volatility.
Bitcoin continues to basically just track S&P futures. (Higher beta though) https://t.co/0yWrj7zn2M
— Joe Weisenthal (@TheStalwart)
Whatever the case may be, it is clear that today’s bitcoin strong rally has by far outperformed the stock market, with S&P 500 futures currently indicating an open a mere 0.88% higher.
*fumbling for delete button*
— Udi Wertheimer (@udiWertheimer)
Morning bears! https://t.co/UlNjSuep3C
— f i l ₿ f i l ₿ (@filbfilb)
#bitcoin is back at levels before Black Thursday – 48 days of recovery.
— Nejc Kodrič (@nejc_kodric)
Media may start to cover the #bitcoin rally as we get closer to the halving 12 days from now … that will trigger… https://t.co/K58rYMhqNh
— Ronnie Moas | Nomad | Stocks | BTC | Charity (@RonnieMoas)