Bitcoin 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