After days of consolidation after Bitcoin recovered 100% from the March low, Bitcoin dropped below the $ 7,000 mark a few minutes ago and hit a local low of $ 6,920 at the time of writing. With this move down, the cryptocurrency is 6% below Thursday’s high and nearly 8% below its high of $ 7,470.Bitcoin’s decline comes after an extremely healthy week in the equity markets, during which both the S&P 500 and the Dow Jones rose strongly as the coronavirus curve begins to flatten out. The stock market was extremely bulky when you look at the record-breaking US unemployment rate.
The ongoing correction of the crypto market was somewhat to be expected
The Tom Demark (TD) Sequential printed a Sell “9” candle on the charts of Bitcoin, Ethereum, Ethereum Classic, Cardano, Binance Coin, Litecoin, Ontology, OmiseGo, Tron, Stellar and Tezos on Wednesday.The so-called 9 candles according to the time-based indicator are often seen at turning points in the markets. For example, 9 candles were seen at a low of $ 6,400 Bitcoin in December 2019 and a high of $ 10,500 in February this year.In addition, this market also observed that the stochastic indicator, a trend / momentum-based indicator, recently printed a sign that Bitcoin was overbought.