Bitcoin, Dow Jones Price Analysis: BTC heading to $4200?

Bitcoin price has started a bull run shaking off yesterday’s bear attack. The price of bitcoin has increased by more than $250 in just a matter of minutes and also the volumes are massive which indicate that this may not be a dead cat bounce.

Bitcoin Price going for $4200?

BTCUSD 24 hour chart
BTCUSD 24 hour chart

After dropping to a low of around $3550 yesterday, bitcoin price has started to show bullish momentum rising more than $250 in a couple of minutes from around %3600 to $3850.

Along with bitcoin, other major cryptocurrencies such as Ethereum, XRP and Bitcoin Cash are also in bullish momentum. BCH was trading around $146 just before the bull run and is currently trading around $173 (at the time of writing). ETH started the bull run around $115 and went up to $135, currently trading around $132. XRP went up from $0.3416 up to $0.3780 in a matter of minutes.

The reason behind the sudden rise is not clear yet although the CME bitcoin futures expired earlier today around 5 hours back from now (from the time of writing).

 

Dow Jones Industrial Average in a downfall:

Dow Jones Industrial Average, as well as the S&P 500, have dropped significantly. At the time of writing, Dow Jones Industrial Average is currently down by around 0.38% while S&P 500 is down by around 0.27%. Though the cryptocurrency market is not directly related to the equity markets, somehow the current moves of bitcoin are opposite to the equity market charts.

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