Bitcoin price teetered on the brink of $9,000, breaking down along with global stock prices. Analysts believe the Friday slump across markets is a response to the still uncertain trade deal between the US and China.
Stock Market Gloom May Spill Over Onto Bitcoin
Stocks slid across the board on Friday, as optimism waned on the US-China trade deal reported the Wall Street Journal. The DJIA fell by 1% to 26,666 points, the same loss was logged by the S&P 500 futures, to 3,085 points.
The stock prices are a factor with the potential of indirectly influencing BTC. The benchmark crypto broke down suddenly below the $9,200 mark, extending the slide to as low as $9,050. Bitcoin price was mostly stagnant in the past week, calming down with expectations for a bigger move.
BTC traded at $9,070.88 as of 11:42 GMT, on flat volumes of $21 million. After a rally and a period of relative stability, the bitcoin price is at crossroads again. After the slide, activity on the Bakkt bitcoin futures market immediately went down.
The past backtrack for bitcoin price is also following another brief period of exuberance, with bullish expectations of a rally.
$btc you know when CT is so bullish and the CEO of Binance say 16k soonish… it’s to create liquidity to dump on ur ass… btc fuckery!! 😙😙 . .. $eth $ltc $rvn $trx $xlm $xrp $ada $neo $bnb $trx $link $ren
— Crypto_easymoney (@Cryptoeasymone2) November 5, 2019
But BTC had already experienced fatigue, as the $9,500 level was only revisited briefly.