NewsletterBitcoin Price Analysis: BTC/USD freefall to $7,000 unstoppable; Bows to Coronavirus Pandemic
- Bitcoin price tanks further as the WHO declares the Coronavirus a global pandemic.
- BTC/USD remains vulnerable to declines especially with the strong resistance and weak support in place.
The cryptocurrency market, the stock market and other global markets are bleeding amid fears that the Coronavirus could become uncontrollable. The World Health Organization (WHO) has deemed the deadly COVID-19 a global pandemic. This comes as countries take measures to either contain the virus or keep it bay.
The global financial markets continue to suffer losses including Bitcoin. The largest crypto has failed to rise to the occasion as a suitable hedging asset during global emergencies such as the Coronavirus. Instead, Bitcoin has continued to tank side by side with the other traditional markets.
Bitcoin Price Technical Picture
Bitcoin price is at the forefront of the declines in the crypto market. BTC/USD is down 3.51% on Thursday. The Asian session has been characterized by increased selling activities leading to a break down from $7,938 (opening value) to $7,572 (intraday low). A shallow recovery is pushing the price towards $7,700 but BTC/USD is dancing at $7,667 at the time of writing.
BTC/USD 1-hour chart
Falling channel support is still intact, however, if broken, Bitcoin could extend the bearish leg to test support at $7,200 and $7,000 respectively. The RSI in the hourly range shows BTC/USD not yet oversold. It’s downward slope signals increasing selling pressure. Therefore, the path of least resistance is downwards.
Bitcoin is dealing with stacks of strong resistance zones and few weak support areas. On the upside, BTC/USD must rise above $7,857 and $7,937 to be able to escape the bear trap. The weak support at $7,459 and $7,141 must come in handy to stop the bearish party in the near term.
Bitcoin Key Levels
Spot rate: $7,667
Relative change: -277.88
Percentage change: -3.51%
Trend: Bearish bias
Volatility: High
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Breaking: SEC Chair Reveals Innovation Exemption for Crypto Firms Could Start in January
- WhiteBIT Enters U.S. Market, Unveils High-Impact Times Square Campaign
- “Forget the 4-Year Cycle” Grayscale Says, Projects 2026 as Bitcoin’s Breakout Year
- US FED Injects $13.5B in Liquidity Overnight as QT Ends, Bitcoin & MSTR Stock React
- Trump-Backed Alt5 Sigma Under Fire for Possible SEC Rule Violations, New Report Reveals
- Ethereum Price Prediction: ETF Outflows Hit $79M as Institutional Accumulation Surges
- Pump Coin Price Jumps 10% as Whale Accumulates $23.5M; What’s Next?
- XRP Price Prediction as Ripple Gets MAS Licence in Singapore
- Ethereum Price Crashes Below $3,000 as $500M Longs Liquidated: What’s Next?
- Pi Network Price Prediction Ahead of December’s 190M Scheduled Unlock
- Dogecoin Price Below $0.15 as Crypto Market Crashes: Will $0.10 Hold?
