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 crypto market. This is stated in the report of Arcane Research.
Experts say 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.
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.
Arcane Research emphasizes that investors should pay attention to this because a new round of concerns in the stock market can easily be transferred to bitcoin.
So far, the crypto fear and greed index remains in the neutral zone.
In the context of the technical analysis, analysts emphasize the importance of the level of $9,200, which price must 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.