Bitcoin’s Price Holds Above $26,000 As Stocks Fall - InvestingChannel

Bitcoin’s Price Holds Above $26,000 As Stocks Fall

%Bitcoin ($BTC) price has remained above $26,000 U.S. despite an accelerating selloff in stocks and a sharp rise in bond yields over the past week.

The largest %Cryptocurrency by market capitalization is currently trading around $26,200 U.S., which is the same level it has been at throughout the summer.

At the same time, the benchmark S&P 500 stock index and the tech-heavy Nasdaq index have fallen 2.7% and 3.2% in recent trading days.

All the major U.S. stock indices are on track to finish the current third quarter in the red.

Crypto analysts say the steady price of Bitcoin is impressive given the flight from riskier assets by investors.

Some analysts are attributing the resiliency of Bitcoin to the fact that the number of long-term holders of the cryptocurrency is near an all-time high, and it now has almost no correlation to the U.S. dollar.

Bitcoin’s price had climbed above $27,000 U.S. before the U.S. Federal Reserve’s latest decision on interest rates on September 20. While the price has pulled back some since then, it has not been as dramatic as the decline in equities.

Both the 200-weekly moving average and the 200-daily moving average for Bitcoin are currently in the $27,800 U.S. level, likely acting as strong resistance.

The current range between $26,000 U.S. and $26,500 U.S. is acting as a key support level for prices, say various crypto analysts.

Bitcoin’s price has risen 58% so far in 2023, outpacing gains in stocks.

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