As the Coronavirus pandemic continues to unfold, markets, both traditional and crypto, remain highly unpredictable. Even gold has failed to provide safety for investors and Bitcoin is undergoing a demanding test as a new asset class in an unprecedented health and financial crisis.
BTC keeps above $6,000 before yesterday afternoon, while it again drops below $5,800 mark at the press time. It is urgent to need strength to the upward trend.
— Among of top 500 coins, 348 of them is up, while the rest down.
— Crypto greed & fear index is 10, which represents extreme fear.
— OTC Premium Rate is +3.86%.
✎ BTC Analysis
BTC price is $5,773 at the press time with the moving average -2.71%. Since yesterday afternoon BTC has remained the downward trend at the price of around $5,900. It fails to re-bounce on March 23rd midnight, and continues to drop below $5,686 mark.
Comparing with the market over the last week, BTC acts the same this week in terms of the downward trend and range, while with different high positions. In terms of the overall market over the last week, BTC is upward; while at present, it is expected to be downward on the first day of this week. It is currently in a dead-end situation and is expected to fall down for some distance. As per trend channel and the Moving Average Convergence Divergence (MACD), BTC price will be adjusting at the range of $5,670-$6,130.
Currently the Moving Average Convergence Divergence (MACD) is showing some consolidation on the daily and weekly charts. For traders this is typically a good signal to buy on and assuming this continues, things could look quite bullish for Bitcoin.
First support position: $ 5,600; First resistance position: $ 6,380.
Overall, Bitcoin has been performing well since the March 12 correction and it may continue to do so as investors look for quality safe-haven investments.
Supposedly, Bitcoin was designed for a crisis, and the current financial meltdown may be its biggest test yet.
As Genesis Mining head of operations, Philip Salter recently said:
“If this economic crisis is contained, then it will not have major implications for Bitcoin. However, if there is a real collapse, then the interest in Bitcoin will explode. It will go back to being seen as a hedge against the banking system. The more skepticism people will have in the old economy, the more they will flock to Bitcoin.”
Warm tip: Every investment and trading move involves risk. You should conduct your own research when making a decision.