Bitcoin pulled back from the recent bullish move and is trading at $ 11,400 at the time of writing. Bitcoin Cash’s 5% increase helped BCH regain 5th place in terms of market capitalization.
After rising to a new monthly high of about $ 11,700, Bitcoin has retreated slightly in the past 24 hours and dropped to $ 11,400. Most altcoins followed this decline, with small losses.
Bitcoin Falls to $ 11,400
As it is known, Bitcoin was moving upwards and reached a new 5-week high of over $ 11,720. In the following hours, the primary cryptocurrency was unable to sustain its surge and was blocked around $ 11,500.
BTC started a new high up to $ 11,560 (on Binance), but then lost about $ 350 in just a few hours of candles. Bitcoin hits its intraday low of $ 11,310.
While the cryptocurrency has survived this sharp drop, BTC is still down by about 1% on a 24-hour scale. Bitcoin currently stands at around $ 11,400. Interestingly, this happened despite President Trump’s call for an additional economic stimulus package.
The recently increasing correlation between Bitcoin and Wall Street could be the reason behind the recent price drop. All three leading US stock indices closed yesterday’s trading session in red. Nasdaq Composite fell 0.1%, Dow Jones Industrial Average 0.55% and S&P 500 0.63%.
Most alternative cryptocurrencies with greater market value have also had minor losses since yesterday. Ethereum dropped 1% and is struggling to stay above $ 380.