Market Wrap: A Bitcoin Lull as Stocks Signal Economic Optimism

Bitcoin (BTC) was trading around $9,575 as of 20:00 UTC (4 p.m. ET), gaining less than a percent over the previous 24 hours. 

After Tuesday’s rapid 8% drop in less than five minutes on high sell volume, bitcoin’s prices have steadied. At 00:00 UTC on Wednesday, the world’s largest cryptocurrency by market capitalization was  changing hands around $9,528 on spot exchanges like Coinbase. Ten hours later, it staged a small run-up to $9,650 yet low trading volumes dashed any hopes of a substantial rally. Bitcoin is below its 50-day moving averages, signaling a technical sideways bearish sentiment. 

Bitcoin trading on Coinbase since June 1
Source: TradingView

After an exciting start to a week where bitcoin surged quickly then dropped, traders certainly have strong opinions on recent market activity


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