It looks like Bitcoin will be correlated again with the stock markets. There was a nasty open which led to the stock indicies getting the limit down halt hit and BTC also had selling pressure.
It does look that way. Technicals and fundamentals are both pointing down. The pre-market futures open and the failure of the US stimulus bill has really set the tone for next week.
So the reaction of the New York open will be the sign of how the rest of the week will trade. And especially the reaction to the unemployment numbers when they get released later on.
Scary headlines on that front:
Michigan sees 2,100% increase in unemployment claims
COVID-19’s Worst Case? 10.6% Jobless Rate, $1.5 Trillion GDP Drop
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Steven Blitz, chief U.S. economist at TS Lombard expects that by April the unemployment rate will rise from 3.5% in February to 10.6% — with 12 million more unemployed than the 5.9 million total from last month — a 203% spike.
