Everything Around Crypto
Bitcoin
$10,677.16
-34.04
(-0.32%)
Ethereum
$354.18
+3.58
(+1.02%)
Ripple
$0.24
-0
(-0.21%)
Litecoin
$45.57
+0.03
(+0.07%)
EOS
$2.55
+0.01
(+0.35%)
Cardano
$0.10
0
(+1.26%)
Stellar
$0.07
-0
(-2.17%)
NEO
$21.17
-0.59
(-2.71%)
NEM
$0.12
+0.01
(+5.46%)
DigitalCash
$68.71
-0.41
(-0.59%)
Tether
$1.00
0
(0%)
Binance Coin
$26.29
+1.47
(+5.92%)
QTUM
$2.37
+0.02
(+0.96%)
Verge
$0.00
0
(0%)
Ontology
$0.67
0
(+0.57%)
ZCash
$55.26
+0.3
(+0.55%)
Steem
$0.17
0
(+0.91%)
EUR
$1.10
0
(-0.08%)
GBP
$1.23
-0.01
(+0.67%)
JPY
$0.01
-0
(+0.14%)
CHF
$1.03
-0
(+0.45%)
CAD
$0.72
0
(-0.17%)
AUD
$0.66
-0.01
(+0.94%)
ZAR
$0.06
-0
(+0.36%)
RUB
$0.01
-0
(+0.81%)

Bitcoin Risks Breakdown to $6.5k as Selling Continues Near Long-term Support

2

Highlights:Booming global panic could prompt Bitcoin traders to break long-term support trendline.A key technical indicator is confirming a breakdown towards $6,500, bitcoin’s reliable price floor during the 2018 crash and also the 2019’s bottom.Bitcoin is risking declines to as low as $6,500 as panicked sellers threaten to break a long-term support area.The benchmark cryptocurrency plunged 0.62 percent on Wednesday, suggesting that its downside momentum is likely to extend further. The bearish sentiment followed a frantic week that saw bitcoin tanking from $9,214 to as low as $7,630. It attempted a shy rebound on Tuesday but failed to transform the move into an actual recovery.bitcoin, cryptocurrency, cryptoBitcoin plunges all across the crypto spot exchanges | Source: TradingView.comFundamentals before TechnicalsExperts gave plenty of reasons to justify the bitcoin’s $2,000-plunge: all from whale manipulation to PlusToken scammers selling their steal. But the most-discussed among them was Coronavirus. The fast-spreading virus hammered down the global stock market. Bitcoin fell in tandem, leading analysts to see a convincing correlation between the cryptocurrency and equities.“It is very common in times of turmoil that investors sell their best performing investments rather than their worst,” said Alistair Milne, CIO of Altana Digital Currency Fund. “Many can’t stomach selling at a loss. IMO this is why Bitcoin is currently ‘correlating’ (clearing out the weak hands) with stocks.”

Leave A Reply

Your email address will not be published.