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Despite current correction of 4.4% Bitcoin price to retest the underlying support, bulls attempt a daily close above $ 12,000.
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The S&P 500 reached a new full-day intraday high, confirming the start of a new bull market, according to analysts.
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The Bitcoin trend of lower highs and lows for support / resistance remains intact.
After a volatile day that saw the price of Bitcoin (BTC) rise to $ 11,820, the digital asset appears ready to secure a daily close above $ 12,000.
The mild correction of 4.4% came after a 6 day run which saw BTC price gain 11.93% and allowed the pullback for a re-test of an underlying support. Such corrective movements are healthy and desirable after a flip of supportive resistance occurs.
Snapshot of daily performance of Cryptocurrency. Source: Coin360
One positive to take away is the daily candle has still won the previous candle and the pattern of daily higher low remains intact.
At the moment, it looks like bulls are trying to support the $ 12,100- $ 12,200 level, which if reached would set strong footing for Bitcoin to have a shot at the $ 12,900 level.
Interestingly, when Bitcoin price and the broader crypto market corrected, the S&P 500 secured a record intraday all-time high of 3,395.06 and effectively knew all the losses of March when the coronavirus pandemic eased its fatigue in the US economy strict.
According to CNBC analysts, the strong close today confirms “today the start of a new bull market” in equities.
Meanwhile, gold and silver also recorded slight losses, but both assets remain near record multi-year highs after returning strongly from last week’s sharper correction.
The slow rally in gold and silver suggests that while equities may have reversed their trend to note new highs, investors remain cautious and somewhat skeptical about the future of the US and global economy.
Bitcoin daily price chart. Source: Coin360
Not surprisingly, altcoins took a heavy toll and Bitcoin price dropped to $ 11,820.
At the time of the correction, the price Chainlink (LINK) dropped by 17.29% and at the time of writing, the altcoin is 18.94% away from all time.
Ether (ETH) price also took a hit, pulling back to $ 412.28 before rising support to trade at $ 425. EOS, another strong mover as of late, also corrected by 9.13%, but the altcoin has since recovered and is currently trading at $ 3.62.
According to CoinMarketCap, the total cryptocurrency market cap now stands at $ 377.5 billion and the dominance index of Bitcoin is currently at 59%.
