Bitcoin lost a serious chunk of its Dollar value this week. Down about 12% over the past seven days, the cryptocurrency is currently trading at around $8,700. It’s essential to see where it goes from here. From above, there’s the 200-days moving average at $8,800, which has now turned to resistance. Bitcoin hasn’t closed a day below the 200MA since January 27th this year, and it’s entirely possible for today to be the first day. This would probably spell trouble for the bulls.
All of this comes amid the growing spread of the coronavirus. Confirmed cases are coming from all over the world from countries such as the US, Italy, the United Kingdom, and so forth. This has undeniably taken its toll on the entire global market. In China, reports have it that the country will delay the launch of its central bank digital currency mainly because of the virus, though they still expect to have it launched in 2020.
The S&P 500 marked its quickest correction in history. The index lost more than 10% in a little more than a week while all other major indexes are also declining rapidly, day after day.
Besides Bitcoin, altcoins felt the impact as well. All large-cap cryptocurrencies are trading in the red over the last seven days. More than $24 billion were wiped off the total capitalization. On the other hand, Bitcoin’s dominance has increased. This further signals the overall troublesome situation for altcoins, which struggle to claim new grounds.
In any case, health officials across the globe expect the situation to probably get worse before it gets better. With this said, it’s interesting to see how Bitcoin will respond to the catastrophe in the traditional markets.
Market Cap: $246B
24H Vol: $158B
BTC Dominance: 64%
BTC: $8,660.47 (-2.69%)
ETH: $224,68 (-4.19%)
XRP: $0.235 (-3.45%)
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This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Bitcoin Cash, and Chainlink – click here for the full price analysis.
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Source: Crypto Potato