Bitcoin Price Ignores Worst Market Correction Since 2008

The stock marketplace has suffered the worst market correction since 2008, where both stocks as well as gold declined by historic levels. If we take the popular S&P 500 Index for an example, we can see that it managed to lose 11.5% in only one week. The latest cryptocurrencies news show that the Bitcoin price ignores this trend and is still stable in the $8,700 region.

Despite the fact that Bitcoin rose above $10,000 this month and quickly lost the gains, we can see that it did not fall below its lows just like the stocks did. As reported through mainstream media, the collapse of the largest equities markets this week is the worst correction since the 2008 meltdown and more than $3.8 trillion were erased as daily news of the Coronavirus spreading throughout the world dominated the headlines.

Investors are now wondering if the rally which propelled the Bitcoin price from $6,400 to $10,500 is over and as the end of the month approaches, the dominant coin is on course to record a monthly loss in February for the first time in 6 years. While the Bitcoin price ignores the stock market trend, it is still in a losing momentum.

On Friday, the Bitcoin price appeared to be on the second day of finding stability in the $8,500 to $8,750 zone, while the traditional markets continued to fall. The free fall amongst altcoins also appears to have stopped and the latest altcoin news show that tokens like Chainlink (LINK), Huobi Token (HT), Tezos (XTZ) and others were standout performers.

At the time of writing, the Bitcoin price is forming higher lows and is trading above the high volume node of the VPVR at $8,750. If the price can sustain above this level, traders may begin to feel more confident about a bottom having been reached at $8,432. As they step in to open the long positions and as Bitcoin price ignores the downward market trend, we could see an increasing trend line next week and some positive news (for a change) pressing the price above the $9,100 level to $9,300.

Currently, the price of Bitcoin is at $8,728 with 0.79% gains on the day. The biggest gains on the market were reported by Tezos (XTZ) which rose by 8% to reach $2.90.