The equity markets the world over are facing tough times. Investors lost billions of dollars since the beginning of the year. People are fearful of keeping their investments exposed to the stock markets. The story was the same with Bitcoins. Not anymore, though!
US President, Donald Trump threatened China of being responsible for the spread of Coronavirus. Following the fear of another trade war-like scenario, the S&P 500 and the Dow Jones plunged.
Where does Bitcoin stand in the whole scenario
BTCUSD was a long-standing friend of the equity markets for quite some time now. However, that seems to be over. Bitcoin appears to be steadily rising, irrespective of fears of a trade war or a crumbling economy.
Various Bitcoin exchanges such as BitMex, Bitfinex claim that the surge of investor participation has increased manifolds this year.
Source: TradingView.com
A look at the BTCUSD hourly-timeframe would reveal how steadily Bitcoin has gained. As of writing this article, the Dow Jones is down by a whopping 286 points. On the other hand, BTCUSD is already past the $9,700 mark.
Strong technicals spur institutional participation in BTCUSD
The hourly price chart captures the rise of BTC. During the same time, the benchmark stock indexes fell following the Federal Reserve chairman’s warning.
The MACD indicator is bullish. Even the RSI is on an increasing trend. On top of this, the momentum push gained by BTC earlier in the day has pushed it higher over the Exponential Moving Average. It is now acting as steady support.
Data curated by various analysts and Bitcoin exchanges show that institutional participation has increased massively following the Bitcoin halving on May 12. It has given a much-awaited momentum boost to BTCUSD.
