Bitcoin, Stocks Fall as Dollar Rebounds ahead of U.S. Trade Data

  • Spot bitcoin fell 1.45 percent to $9,501 as of 0900 UTC as the U.S. dollar rebounded from its seven-day plunge.
  • The cryptocurrency’s downside move surfaced ahead of a fresh U.S. trade and unemployment data release at 0830 ET on Thursday.
  • The U.S. stock market, which remains positively correlated to bitcoin, also dived as investors booked short-term profits.

Bitcoin continued to tail the moves in the global stock market this Thursday.

The benchmark cryptocurrency fell by 1.45 percent to $9,501 minutes after 0900 UTC. The downside swing mainly came as a part of a short-term technical correction, wherein traders booked their intraday profits near the top of $9,689. So it seems, certain macro factors also kept traders from holding Bitcoin.

BTCUSD holding above psychological support of $9,500 | Source: TradingView.com, Coinbase

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