Bitcoin Price Surges Above $6.7K

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Since topping out at $6,500 on March 31, Bitcoin (BTC) price had spent the majority of Wednesday in a steady slump which saw the price drop from $6,494 to $6,147. The pullback mirrored the poor performance in traditional markets where the S&P 500 and Dow dropped by 4.41% and 4.44% respectively. 

The slump in traditional markets appeared to be a reaction to dismal news that the United States surpassed more than 200,000 Coronavirus cases. Earlier this week the White House also stated that it concurs with the estimate that up to 240,000 Americans could die from COVID-19 within the next 3 weeks. 

If true, this would likely extend the time social distancing and mass quarantine policies stay in effect, leading to additional damage to the economy. As advised by many market analysts, global markets are unlikely to show signs of bottoming until the Coronavirus pandemic is brought under control. 


Bitcoin Price Chart Source: CoinGecko
 
 
Surprisingly, shortly after equities markets closed Bitcoin price broke from the pattern of lower highs with a sharp upside move which pushed the price to $6,744. 
The move came as the price was on the verge of falling below the $6,200 support to complete the right shoulder of a rather sloppy head and shoulders pattern on the 4-hour time frame. 
Had that occurred, traders would be looking at a target near $5,150 so for bulls the current surge above the $6,600 resistance level is probably a welcome relief. 



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