Here’s why recent surge in BTC price was just a dead cat bounce.

The price of bitcoin surged over 8% over the last 24 hours as it reached above $6,400. But the jump in the price of bitcoin might just be a dead cat bounce.

The leading cryptocurrency witnessed a positive rally on Monday as the price of bitcoin surged to $6,400 in just a few hours. But the surge in the price of bitcoin was just a dead cat bounce, and the price is expected to fall in the short-term. Global financial markets continue to fall amid the global pandemic

 

Financial markets continue to crash.

In the midst of the unprecedented global pandemic, financial markets all over the world have taken a huge toll. The US stock markets plunged further on Monday as the lawmakers failed to pass the massive stimulus package through the house in the second attempt. Dow Jones plunged fell 3% further on Monday. 

 

Can bitcoin maintain a positive momentum?

The price of the leading cryptocurrency saw a positive rally on late Monday, but the surge in the price could just be a dead cat bounce, and the price might retrace back to below $6,000 in a hurry this week. Bitcoin witnessed one of the worst days in seven years on 12th March when the price of the leading cryptocurrency fell below $4,000 level in the space of a few hours. The short-term prediction for bitcoin is still bearish. 

  

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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