Altcoins Mark Return Of Bullish Phase But Analyst Warns Bitcoin Risks Drop To $5,600

43m
zycrypto

BTC’s Price is Either Going to Zero or Seven Figures

1h
cryptonewmedia

Why Bitcoin Needs Over $400 Million Monthly Inflow For Price To Maintain $7,000

1h
zycrypto

Bitcoin Dives to $7,000 as S&P 500 Tumbles: Is This It for Crypto...

1h
newsbtc

Stock Rebound is Trap, Go Bitcoin Instead: Galaxy Digital CEO

1h
bitcoinist

CME Bitcoin Futures Volume Finally Upticks Since March Crash, Is Institutional Investment Flocking Back?

1h
coingape

Former Facebook Exec: BTC's Price is Either Going to Zero or Seven Figures

2h
cointelegraph

ETH/USD Nearly Tests Critical 177.39 Level: Sally Ho's Technical Analysis 7 April 2020 ETH

2h
cryptodaily

Peak “Fear” Crypto Market Shows Big Bitcoin Recovery is...

2h
newsbtc

Ethereum (ETH) Gains Momentum Ahead of ‘ETH 2.0’ Upgrade

2h
cryptocurrencynews

What Makes DeFi Decentralized? Rune Christensen on Centralized Collateral and Decentralizing Make

2h
cointelegraph

Russian Darknet Criminals Sell $13M of Fake Cash for Crypto

2h
cointelegraph

Silk Road Founder Shares Update from Prison Amidst COVID-19 Pandemic

3h
utoday

Bitcoin Flashes “Warning Signs” After Facing Grim Rejection at...

3h
newsbtc

Ripple’s ODL Remittance Payments Are Blowing Up And Fueling XRP Rally

3h
zycrypto

Bitcoin Spikes by 2x in 26 Days: What’s Actually Behind the Big Rally?

3h
cointelegraph

March Sell-Off Reshuffles Top Exchanges for BTC Futures Trading

3h
beincrypto

Half A Billion People Use Anonymity Tools |

4h
cryptonewmedia

The Block Crunch - Why "Scalability" is Misleading for New Blockchains - Emre Tekisalp (O1 Labs)

4h
letstalkbitcoin

Ethereum’s On-Chain Data Suggests ETH Is Significantly Undervalued At Current Price Levels

4h
zycrypto

The Crypto Industry’s ‘Bloody Friday’ Lawsuits: Do They Hold Weight?

4h
cointelegraph

Investor Sues Crypto Mining Firm Riot Blockchain to Pay $728K in Legal Fees

4h
cointelegraph

Famous British Rapper Explains Why Bitcoin Haters Will Buy BTC at $20,000

4h
utoday

Author Rich Dad Recommends Gold, Bitcoin as Dollar is Dying

4h
newsbtc

ConsenSys Health Launches Coronavirus-related Virtual Hackathon

4h
cointelegraph


Unprecedented Dow Jones (DJI) Crash Spells Trouble For Bitcoin (BTC)

cryptodaily

1mon ago

The stock market is in serious trouble with the Dow Jones (DJI) declining by 1,200 points in one day, the biggest ever such decline in history. This is a reaction to rising concerns over the outbreak of Coronavirus and its impact on global businesses and markets. The cryptocurrency market also saw a reaction to the previous decline and it crashed hard below $9k but we have yet to see a reaction to the recent crash. Bitcoin (BTC) has now declined down to $8,432 and has filled the CME Futures gap on the last trading day of the week and the month.

Bitcoin CME Futures also expire today and with this gap being filled, there is the possibility of a temporary relief rally in the near future. However, it is important to realize that as sell pressure mounts up in other markets, BTC/USD may not be able to hold its ground. After all, this is not a one-time event. This is a growing development that we have here and the Coronavirus situation is getting worse, not better. The outbreak has now taken the shape of a pandemic. Previously, it was only confined to China and it was being hoped that this is just an epidemic and will be contained but now with its spread outside of Asia, that is certainly not the case.

The daily chart for BTC/USD shows that Bitcoin (BTC) was not in a good shape even before the Coronavirus situation. The price had declined below an important trend line support which has now become an important resistance that the price has already faced a rejection at. The most probable scenario now is another decline below the existing trend line support which would see the price begin a major downtrend.

We have previously mentioned that BTC/USD might decline to $1k in 2021. However, with the growing threat of Coronavirus and its impact on businesses especially in China, things could get worse a lot sooner than anticipated for the cryptocurrency market. Most miners are still based in China and with the situation in China worsening by the day, people are not allowed to leave homes and work. This would have serious implications for Bitcoin (BTC) and the rest of the cryptocurrency market. This is why I think Bitcoin (BTC) is likely to be the most affected if the Coronavirus outbreak worsens and we could easily see the price decline down to the 200-week moving average in a matter of weeks if the market continues to decline like this.

Regarding any copyrights issue, please contact us:content@hashbee.com.

0 comments