The Bitcoin rate on the support ranges from $ 5,800 to $ 5,900. But the futures of the Dow Jones and the S&P 500 fall and could also cause the Bitcoin price to drop below $ 4,000 again.
Bitcoin (BTC) failed to rise above the resistance at $ 6,400 on March 22. Throughout the day, he struggled to climb back over $ 6,000. At press time, Bitcoin was just under $ 6,000 and many traders expect further trials as the coronavirus pandemic continues to worsen in the United States and Europe.
As we mentioned in a previous analysis, crypto traders and traders in traditional markets are closely watching how markets and investors react to the various stimulus packages from governments around the world.
Aid packages sufficient?
If investors believe that the aid packages are sufficient to meet the needs of citizens and businesses, then they are likely to make bargain purchases. They hope that these stocks will recover quickly once the COVID-19 pandemic is over.
Large-cap cryptocurrencies are also likely to benefit as the markets gradually recover. But if the stock markets continue to fall even in the face of multi-trillion dollar bailouts, traders are unlikely to buy stocks or cryptocurrencies, which would result in further Bitcoin price drops.