Bitcoin has recovered nearly 90% from the COVID-19 drop from $7950. The drop to $3850 was quickly bought (in less than an hour) which showed the first signs of bottoming and presence of interested buyers.
The price of Bitcoin [BTC] at 5: 30 hours UTC on 7th April is $$7280.
BTC/USD 1-Day Chart on Coinbase (TradingView)
Moreover, the Gold price recovers entirely from the COVID-19 shocks which caused a drop from highs above $1675 to $1450 in a weeks time. The SPX index has also shown positive moves from lows around $2,200, currently trading at $2665.
Gold/USD 1-Day chart (TradingView)
As the world begins to show positive trends in the coronavirus pandemic fight, the V-bottom formation in these assets is beginning to form bullish sentiments. However, since the economy has come to a standstill, the fear of a drop in the equity markets is still prevalent.
Ever since the drop, Bitcoin was exhibiting strong correlation with the stock markets with the narrative of a risk asset. Nevertheless, the recovery in Gold and Bitcoin has been stronger than the positive moves in SPX.
Moreover, the fundamentals are not the same for Bitcoin and Gold. As reported earlier on CoinGape, the de-coupling of stock markets and safe-haven assets is likely to be bullish for Bitcoin as well.
Visualising what a 50% pull back in BTC price looks like in the bigger picture next to Gold and S&P500.