Share this article
BTC
$93,690.40
+
6.15%ETH
$1,796.15
+
13.36%USDT
$1.0002
+
0.04%XRP
$2.2403
+
7.67%BNB
$618.67
+
2.89%SOL
$151.44
+
8.57%USDC
$0.9998
-
0.00%DOGE
$0.1820
+
12.47%ADA
$0.6961
+
11.08%TRX
$0.2483
+
0.24%LINK
$14.60
+
11.73%SUI
$2.9377
+
30.49%AVAX
$22.69
+
14.97%LEO
$9.0708
-
1.15%XLM
$0.2676
+
9.22%SHIB
$0.0₄1373
+
11.56%TON
$3.1234
+
6.68%HBAR
$0.1847
+
7.22%BCH
$360.92
+
6.90%LTC
$84.26
+
7.33%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menuConsensus
- Back to menu
- Back to menu
- Back to menu
- Back to menuWebinars & Events
Bitcoin Recovers From $11.3K Despite Losses in European Stocks
Bitcoin has shrugged off a drop to $11,300 for the third day running, possibly buoyed by gold's recovery on Wednesday.

Bitcoin has shrugged off a drop to $11,300 for the third day running.
- The cryptocurrency dipped to $11,287 at 09:10 UTC Thursday, only to chart a quick recovery to levels around $11,500, according to CoinDesk's Bitcoin Price Index.
- Bitcoin is possibly being buoyed by the uptick in gold prices.
- At press time, the precious metal is trading at $1,935 per ounce, having risen back above $1,900 on Wednesday.
- The one-month positive correlation between bitcoin and gold recently reached record highs, supporting the store-of-value narrative surrounding the cryptocurrency.
- As such, the cryptocurrency may be less affected by losses in the European stock markets.
- Major European equity indices like Germany’s DAX and U.K.’s FTSE are down 0.30% and 1%, respectively., and the pan-European Stoxx 600 index has shed 0.4%, according to data source Investing.com.
- Seemingly, the appetite for risk has weakened over fears that the current stalemate between the U.S. Republicans and Democrats over additional fiscal stimulus could drag on for weeks.
- Bitcoin still remains vulnerable to a pullback in equities, according to Joel Kruger, a currency strategist at LMAX Digital.
Daily chart

- While the repeated rebound from sub-$11,300 levels is encouraging, the cryptocurrency is still trapped in an ascending triangle.
- A breakout would imply a continuation of the rally from lows near $9,000 observed in July.
- A move below the lower end would confirm a short-term bearish reversal.
- “Bitcoin has to break $12,000 and then $14,000 to get to new highs," Alex Mashinsky, CEO and founder of crypto lender Celsius, told CoinDesk.
- Upside has recently been capped by short-sellers and hedging by profitable miners, Mashinisky added.
Whale population rises
- While bitcoin is consolidating below $12,000, the number of entities (clusters of addresses controlled by the same network entity) holding at least 1,000 BTC continues to grow.

- The metric jumped to 1,874 earlier this week, the highest since August 2017, according to data source Glassnode.
- The continued rise in the so-called whale entities could be taken as a sign of investor confidence in bitcoin's long-term price prospects.
Also read: What Bitcoin Can Learn From Gold About Staying ‘Clean’
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
