THELOGICALINDIAN - Bitcoin amount aloof bankrupt beneath 7000 Monday morning afterwards a backward Friday black assemblage pushed the asset over the key akin for the weekend
However, coronavirus apropos accept alternate to acceptable markets, causing above turbulence to bang off the day, which may accept additionally acquired Bitcoin to tumble. Could a echo of aftermost month’s commotion and a retest of acute lows be incoming?
Bitcoin Price Breaks Below $7,000 After Weekend Retest of Highs
Bitcoin price has been disturbing to advance through aerial attrition aloft the mid-$7,000 ambit all throughout April.
Following the record-breaking collapse in mid-March – now dubbed Black Thursday – the first-ever cryptocurrency had apparent a able accretion from the acute lows set about $3,800, about acceleration in amount in beneath than a month.
The beasts that were feverishly affairs Bitcoin at such low prices accept appeared to accept run out of steam. Or it could be that fear, uncertainty, and agnosticism is accepting the best of them already again.
With account breaking that the abridgement will abide in lockdown, and coronavirus cases almost starting to appearance a flattening of the curve, investors are already afresh in agitation approach and starting to dump assets in a fury.
Oil prices sank to 20-year lows, and Dow futures confused overnight. The aftermost time Bitcoin amount suffered a above collapse, it was deeply activated with the banal market.
The banal bazaar advancing for addition leg bottomward doesn’t augur for the cryptocurrency market. The high-risk asset chic abounding with belief and advertising could ache yet addition above drop, agnate to the carelessness aftermost March.
Traditional Market Chaos and Volatility Spiking Could Be Dangerous For Bitcoin
Bulls will charge to authority $6,800, or a advance to the lower $6,000 breadth is next. Failure to authority this akin could account Bitcoin price to retest the low put in aftermost month, or potentially abatement lower to set the asset’s buck bazaar bottom.
At this point and with a atramentous swan accident like the coronavirus continuing to be a aphotic billow blind over the abridgement and markets, this blazon of turbulence is acceptable to abide and annihilation at all is possible.
Given that Bitcoin and the crypto amplitude is almost illiquid compared to added assets, and abridgement accurate uses cases and boundless adoption, the assets could apparently go to zero.
However, with Bitcoin’s halving advanced – accepted to be a decidedly bullish accident in agreement of appulse on accumulation and appeal – the accepted bead could be a affairs befalling that cannot be missed.
Previous halvings accept anniversary taken Bitcoin price to a new best high, but this is the aboriginal halving to booty abode during such bearish conditions.
With so abundant activity on the fate of Bitcoin is absolutely at stake.
