06.05.2020 BTC Daily Analysis

06.05.2020 BTC Daily Analysis

After forming a support base above $8,600, bitcoin started an upward move towards $9,000 against the US Dollar. BTC price broke a few hurdles near $8,950 and the 100 hourly simple moving average to move into a positive zone. Bitcoin could benefit as well, owing to its long-term bullish scenario post halving. Meanwhile, the cryptocurrency has tailed the gains and losses in the S&P 500 with a record positive correlation. And given the fears of the second wave of coronavirus, both retail and institutional investors could hold it for its short-term, higher risk-reward profile. Bitcoin’s growing correlation with the U.S. equities could lead its spot price further higher. The Swiss investment management firm tracked hedge fund strategies to realize that they find risk-on assets attractive at their lower positionings. It further noted that declines in the U.S. equities’ realized and implied volatility could lead institutional investors in favor of holding riskier assets.