Topic: Does the Coronavirus (Covid-19) make BTC to rise? (Read 576 times)
Currently the price of bitcoin is down to almost $5,000, and I think the corona virus or COVID-19 has some effect to it because since there are a lot of lockdowns in other countries a lot of people might be selling their cryptocurrencies for them to buy the things that they need inside their home. This virus has a huge effect in financial crisis, so cryptocurrency can also be affected.
Looks to me like the FUD worked.
Using the virus as the reason for the down price of stock market and then connecting it to bitcoin.
What the heck is happening?
Is this dip really from that virus or we are the virus who spread a bad news all over the world specially in social media.
We may be the reason to make it fall down in just a little amount of time.
Using the virus as the reason for the down price of stock market and then connecting it to bitcoin.
What the heck is happening?
Is this dip really from that virus or we are the virus who spread a bad news all over the world specially in social media.
We may be the reason to make it fall down in just a little amount of time.
The actual virus is one threat and it is one of the reasons that we are experiencing the dump and we also are contributors to it because some people panicked do what they think is right when it is not really the right thing to do. With the virus still at large economies are failing and whether we like it or not the market will also fail. Therefore, with the market struggling we should help stabilize it somehow by not panicking because if we panic then it will only make things worst.
Now we know the answer, it does not.
BTC dump and the whole market dump as well, that's solely because of the corova virus that are spreading fast, people panic, this happens.
From March 1 since this thread was created, there's already a big loss, btc fall below $5000, that's the biggest fall this year, even compared to last year.
BTC dump and the whole market dump as well, that's solely because of the corova virus that are spreading fast, people panic, this happens.
From March 1 since this thread was created, there's already a big loss, btc fall below $5000, that's the biggest fall this year, even compared to last year.
if the government bans paper money, I think Bitcoin will show its fangs !, if paper currency is no longer valid because of a virus, bitcoin can take over that position from paper money! but the problem is that not everyone knows how it works,
The government will never agree to refuse paper money, because it is their monopoly, thanks to which they create inflation in their countries by printing new volumes of notes. Bitcoin will be able to knock out hard ground under the feet of bad officials when it is legalized, but nevertheless paper money will be in use not only thanks to state support, but also because most older people prefer to use paper money, because ease of use and because of unwillingness to learn something new, such as cryptocurrency.
Considering there was a talk from WHO that said that heat is something that can solve this I feel like we have very few moments left with this virus.
I am not entirely sure if it will be true or not but if that is true anything over 25 Celsius in the world will mean that corona will be gone, we already know that there has been no known deaths of anyone at 0-10 age group neither so what we have right now is a virus that kills people who live in cold areas and are old and have already hard time breathing.
So, that means with less and less old people during summer and higher heats, that will destroy the virus forever and will no longer have any infected neither. Bitcoin will survive this and with halving we will see an increase that will not be attributed to virus at all.
I am not entirely sure if it will be true or not but if that is true anything over 25 Celsius in the world will mean that corona will be gone, we already know that there has been no known deaths of anyone at 0-10 age group neither so what we have right now is a virus that kills people who live in cold areas and are old and have already hard time breathing.
So, that means with less and less old people during summer and higher heats, that will destroy the virus forever and will no longer have any infected neither. Bitcoin will survive this and with halving we will see an increase that will not be attributed to virus at all.
It seems to me that before talking about the dependence of Bitcoin prices on the situation with the coronavirus, you first need to compare the statistical data, which consists of the size of the community of cryptocurrency users and those people who are trying to protect themselves from the coronavirus. Based on this, I believe that other people, and not all bitcoin owners, are at greater risk.
Bitcoin owners may not be affected directly but it has an effect somehow. The Coronavirus outbreak affected not only China but many countries already thus, transactions internationally are struggling because of the threat of the virus and with that it will greatly hit a countries economy and when the economy struggles bitcoin can also be affected. Let’s just pray this outbreak will be addressed as soon as possible as to the safety of many people and be back to normal.
i think yes its because when the virus started the btc price rise imediately but it didnt only affect btc but it affect the whole crypto market too for good . there are speculations saying people now avoid transacting physically or outside and they are now starting to transact online and they could be using btc and cryptos with it . that is the reason behind the increase and not the virus directly . there are even some that burned thier fiats because they think its now expose exept from the new ones and also the one that came from bank . this is a plus point to for cryptos
otherwise there is absolutely no reason for bitcoin price to be affected by anything that is going on in the world.
on the contrary the crash in other markets (eg. stocks) makes perfect sense as for example the companies in stock market are currently losing a ton of money because of the virus, for example they say Amazon lost $14 billion last month so that makes perfect sense that Amazon stock went down ~15% over the last month too.
but bitcoin doesn't care about any of that. the network is still the same, miners are the same, merchants are the same, adoption is the same (and increasing),.... if anything digital way of payment should be more attractive these days that everyone is in quarantine!
on the contrary the crash in other markets (eg. stocks) makes perfect sense as for example the companies in stock market are currently losing a ton of money because of the virus, for example they say Amazon lost $14 billion last month so that makes perfect sense that Amazon stock went down ~15% over the last month too.
but bitcoin doesn't care about any of that. the network is still the same, miners are the same, merchants are the same, adoption is the same (and increasing),.... if anything digital way of payment should be more attractive these days that everyone is in quarantine!
Consider a hypothetical situation where the corona virus causes an economic slowdown, which causes a recession. Recessions usually mean high job losses, unemployment, and declining business growth. That directly affects BTC investors, some of whom will lose their jobs or see their businesses fail during this period. Not only will those people have less disposable capital to invest in BTC but they will be pressured to sell their BTC stash to cover bills and put food on the table. That's why a recession is bearish for BTC even though the two are not directly tied together.
Looks to me like the FUD worked.
Using the virus as the reason for the down price of stock market and then connecting it to bitcoin.
What the heck is happening?
Is this dip really from that virus or we are the virus who spread a bad news all over the world specially in social media.
We may be the reason to make it fall down in just a little amount of time.
Using the virus as the reason for the down price of stock market and then connecting it to bitcoin.
What the heck is happening?
Is this dip really from that virus or we are the virus who spread a bad news all over the world specially in social media.
We may be the reason to make it fall down in just a little amount of time.
it is not the virus it is all the other markets that are crashing hard these days, it is causing a lot of panic among newbish weak hands in bitcoin who are panic selling for no reason except reading the bullshit media that is trying to scare them, and they are causing an avalanche effect bringing the price down like this.
otherwise there is absolutely no reason for bitcoin price to be affected by anything that is going on in the world.
on the contrary the crash in other markets (eg. stocks) makes perfect sense as for example the companies in stock market are currently losing a ton of money because of the virus, for example they say Amazon lost $14 billion last month so that makes perfect sense that Amazon stock went down ~15% over the last month too.
but bitcoin doesn't care about any of that. the network is still the same, miners are the same, merchants are the same, adoption is the same (and increasing),.... if anything digital way of payment should be more attractive these days that everyone is in quarantine!
add to that all the bullish news such as a couple of countries in Europe and elsewhere recognizing bitcoin as a legal currency then you see that non only this drop is not logical but it starts looking like pure manipulation.
Looks to me like the FUD worked.
Using the virus as the reason for the down price of stock market and then connecting it to bitcoin.
What the heck is happening?
Is this dip really from that virus or we are the virus who spread a bad news all over the world specially in social media.
We may be the reason to make it fall down in just a little amount of time.
Using the virus as the reason for the down price of stock market and then connecting it to bitcoin.
What the heck is happening?
Is this dip really from that virus or we are the virus who spread a bad news all over the world specially in social media.
We may be the reason to make it fall down in just a little amount of time.
There are zero positive signs for the world economy and in no scenario do I see any jolliness rubbing off onto BTC. It's going to get a kicking alongside everything else. When the only thing its ever known - a smooth ascent upwards from rekt - breaks then it's time to forget comparing it to previous behaviour and expect the unexpected.
We can be sure that by the time it's played out conventional monetary policy will be more deranged than ever and BTC will look more logical than ever. It could be a rocky ride in the meantime. No doubt governments and banks will go all out to combat it so all kinds of strangeness could happen.
We can be sure that by the time it's played out conventional monetary policy will be more deranged than ever and BTC will look more logical than ever. It could be a rocky ride in the meantime. No doubt governments and banks will go all out to combat it so all kinds of strangeness could happen.
DEFINITELY NOT.
Stop correlating Bitcoin's market value to the spreading disease because that has totally no relation to whether the market price would increase or not. I have seen many topics alike to this, if you are really into seeking for an answer, you should have read those topics by simply searching 'corona virus' in this forum. I hope you did not created this topic just for merit.
IMPORTANT RESISTANCE: $ 9200
Just a week ago, analysts are stating that the resistance is $10,500 or something near it.
So it changed quickly because of the Virus?
There are lot of speculations about this because of the stocks also diving and people are starting to decide to put the blame into something else.
It looks manipulative for me.
Ain't there any other explanation for this rather than the virus? People suddenly withdrawing because of it? What does that mean? End of the world?
It is not because of the virus. Just observe the behavior of the market price upon the rise of the virus. Nothing has changes unlike when there is a tension between U.S. and the counter part, and the moment the tension cooled down, which somewhat reflected to the market price of Bitcoin.
To be honest there could be an effect someday IF the situation regarding to this virus would be worse, but that would be socio-economic factor and not directly to crypto industry. And if ever that day would come, you won't be even having thoughts of minding your crypto holdings. If you know what I mean.
Stop correlating Bitcoin's market value to the spreading disease because that has totally no relation to whether the market price would increase or not. I have seen many topics alike to this, if you are really into seeking for an answer, you should have read those topics by simply searching 'corona virus' in this forum. I hope you did not created this topic just for merit.
IMPORTANT RESISTANCE: $ 9200
So it changed quickly because of the Virus?
There are lot of speculations about this because of the stocks also diving and people are starting to decide to put the blame into something else.
It looks manipulative for me.
Ain't there any other explanation for this rather than the virus? People suddenly withdrawing because of it? What does that mean? End of the world?
To be honest there could be an effect someday IF the situation regarding to this virus would be worse, but that would be socio-economic factor and not directly to crypto industry. And if ever that day would come, you won't be even having thoughts of minding your crypto holdings. If you know what I mean.
if the recession happens then we may start seeing a big bitcoin adoption and a massive price rise that we have never seen before. i am thinking $1 million.
Yeah, I can see people losing their jobs, their business, with relatives in hospitals, with a shortage of food and basic necessities going full into bitcoin!
What's with this fetish that everything that will trigger a recession will be good for bitcoin? It won't!
It will not be good for bitcoin, won't be good for us and will not be good for anyone!
Rather than dreaming of having people putting in a part of what is left of lifesaving into BTC how about a scenario when everything is fine, we have economic growth and people have enough money to invest without cutting back on anything else and without the need for a lifeline.
Bitcoin owners may not be affected directly but it has an effect somehow. The Coronavirus outbreak affected not only China but many countries already thus, transactions internationally are struggling because of the threat of the virus and with that it will greatly hit a countries economy and when the economy struggles bitcoin can also be affected. Let’s just pray this outbreak will be addressed as soon as possible as to the safety of many people and be back to normal.
if the recession happens then we may start seeing a big bitcoin adoption and a massive price rise that we have never seen before. i am thinking $1 million.
Why would a recession possibly be good for BTC? Institutions buy into treasuries and cash positions when recessions hit, making all investment asset markets contract. Job losses and lack of growth would also pressure retail investors into selling rather than buying BTC.
There's no sense to this idea that people will suddenly diversify into BTC if the stock markets dump. BTC will dump with everything else.
if the recession happens then we may start seeing a big bitcoin adoption and a massive price rise that we have never seen before. i am thinking $1 million.
Yeah, I can see people losing their jobs, their business, with relatives in hospitals, with a shortage of food and basic necessities going full into bitcoin!
What's with this fetish that everything that will trigger a recession will be good for bitcoin? It won't!
It will not be good for bitcoin, won't be good for us and will not be good for anyone!
Rather than dreaming of having people putting in a part of what is left of lifesaving into BTC how about a scenario when everything is fine, we have economic growth and people have enough money to invest without cutting back on anything else and without the need for a lifeline.
if the recession happens then we may start seeing a big bitcoin adoption and a massive price rise that we have never seen before. i am thinking $1 million.
Yeah, I can see people losing their jobs, their business, with relatives in hospitals, with a shortage of food and basic necessities going full into bitcoin!
What's with this fetish that everything that will trigger a recession will be good for bitcoin? It won't!
It will not be good for bitcoin, won't be good for us and will not be good for anyone!
Rather than dreaming of having people putting in a part of what is left of lifesaving into BTC how about a scenario when everything is fine, we have economic growth and people have enough money to invest without cutting back on anything else and without the need for a lifeline.
if the recession happens then we may start seeing a big bitcoin adoption and a massive price rise that we have never seen before. i am thinking $1 million.
Why would a recession possibly be good for BTC? Institutions buy into treasuries and cash positions when recessions hit, making all investment asset markets contract. Job losses and lack of growth would also pressure retail investors into selling rather than buying BTC.
There's no sense to this idea that people will suddenly diversify into BTC if the stock markets dump. BTC will dump with everything else.
today i saw some articles here and there talking about a new "recession" caused by this virus outbreak which i think is mainly because the number of infected victims is growing fast in USA and also the US stock market has been responding with a lot of panic and then dumps.
if the recession happens then we may start seeing a big bitcoin adoption and a massive price rise that we have never seen before. i am thinking $1 million.
if the recession happens then we may start seeing a big bitcoin adoption and a massive price rise that we have never seen before. i am thinking $1 million.
Just a week ago, analysts are stating that the resistance is $10,500 or something near it.
So it changed quickly because of the Virus?
There are lot of speculations about this because of the stocks also diving and people are starting to decide to put the blame into something else.
It looks manipulative for me.
Ain't there any other explanation for this rather than the virus? People suddenly withdrawing because of it? What does that mean? End of the world?
IMPORTANT RESISTANCE: $ 9200
So it changed quickly because of the Virus?
There are lot of speculations about this because of the stocks also diving and people are starting to decide to put the blame into something else.
It looks manipulative for me.
Ain't there any other explanation for this rather than the virus? People suddenly withdrawing because of it? What does that mean? End of the world?
This world epidemic has nothing to do with the market price. Most crypto journalists are a fan of making an exaggerated news connecting almost everything that is trendy in the eyes of their readers. What we see is merely a normal price movements since Bitcoin was pumping lately it's just normal to see a dump after that because there are traders.
In your opinion, journalists are linking different topics for most people , but traders and investors may also be reading that news . they be effective that crypro market and make dump and pump BTC
This world epidemic has nothing to do with the market price. Most crypto journalists are a fan of making an exaggerated news connecting almost everything that is trendy in the eyes of their readers. What we see is merely a normal price movements since Bitcoin was pumping lately it's just normal to see a dump after that because there are traders.
It is the same old tactic that existed for decades now. What happens when there is high inflation and you offer people a lot of interest rate? They will rather keep their money in the bank and get interest for it right? There would be no money influx to the economy and everyone would just get savings.
However, if you drop that lower and you give people easier loans and there is no way for them to make a decent profit from just keeping it at bank? They will rather just put their money into investment and that will result with them putting money back into their jobs and business and that will result with economy will go up as well and there would be a general increase for the nation as well.
In my opinion, bitcoin does not belong to one country, but it does grow and improve secure payment. blockchain itself also advances technology .Nobody knows what to blockchain can do in future However, if you drop that lower and you give people easier loans and there is no way for them to make a decent profit from just keeping it at bank? They will rather just put their money into investment and that will result with them putting money back into their jobs and business and that will result with economy will go up as well and there would be a general increase for the nation as well.
~snip~
I believe what you are saying because there is a need for price correction in the market for the uptrend and this is not the first time I have seen this bitcoin price fluctuation. With these interpretations, bitcoin has grown well in the new year. What I am looking for , this fundamentals to drive the growth and popularity of this market.And what fundamentals are you talking about? Bitcoin literally has know fundamentals only technicals that's why it is hard to pinpoint the exact fair market value for Bitcoin and that is also why it is very voltatile as only the demand and supply as well as the FUD and FOMO are only moving it. If you are here just waiting for fundamentals then I would suggest that you just move your money in the stock market where you'll have a good time learning about their earnings on their annual reports. If you still want to stay in the crypto market then the right thing for you to do now is to study technical analysis rather than FA which is more useful in the market right now. Don't be that kind of trader who will just look at news and make their buy and sell decisions on it just like how a lot of people are connecting the coronavirus and Bitcoin's price correction.
What "fundamental" exactly means? If you were following bitcoin for a few last years you know after "bitinstant" (one of the first bitcoin exchanges) was closed down the price was getting too low and even bitcoin stopped trading.
Of curse I'm not saying you can rely on the fundamental news for trading, I would say fundamental news will make people to but or sell sometimes they will lesson and sometimes they will not. If you close you eyes and keep doing the technical analyzes you will fail one day.
The structure of the market is supply and demand. but, what makes the traders to buy or sell? news, their mind, etc...
You can never say the fundamental is useless, even in crypto currencies.
It is the same old tactic that existed for decades now. What happens when there is high inflation and you offer people a lot of interest rate? They will rather keep their money in the bank and get interest for it right? There would be no money influx to the economy and everyone would just get savings.
However, if you drop that lower and you give people easier loans and there is no way for them to make a decent profit from just keeping it at bank? They will rather just put their money into investment and that will result with them putting money back into their jobs and business and that will result with economy will go up as well and there would be a general increase for the nation as well.
However, if you drop that lower and you give people easier loans and there is no way for them to make a decent profit from just keeping it at bank? They will rather just put their money into investment and that will result with them putting money back into their jobs and business and that will result with economy will go up as well and there would be a general increase for the nation as well.
~snip~
I believe what you are saying because there is a need for price correction in the market for the uptrend and this is not the first time I have seen this bitcoin price fluctuation. With these interpretations, bitcoin has grown well in the new year. What I am looking for , this fundamentals to drive the growth and popularity of this market.And what fundamentals are you talking about? Bitcoin literally has know fundamentals only technicals that's why it is hard to pinpoint the exact fair market value for Bitcoin and that is also why it is very voltatile as only the demand and supply as well as the FUD and FOMO are only moving it. If you are here just waiting for fundamentals then I would suggest that you just move your money in the stock market where you'll have a good time learning about their earnings on their annual reports. If you still want to stay in the crypto market then the right thing for you to do now is to study technical analysis rather than FA which is more useful in the market right now. Don't be that kind of trader who will just look at news and make their buy and sell decisions on it just like how a lot of people are connecting the coronavirus and Bitcoin's price correction.
dow jones is rallying.
btc is rallying.
do you want me to say they go up and down hand in hand.
i do not know.
but i think they will go hand in hand for this crisis.
mainly due to asic builders being located in china.
i noticed an air pollution chart for china from about six weeks ago.
lots of filthy air on the photos six weeks ago
almost none on current satellite 🛰 photo.
thus no gear being built . asic or anything else.
which is why i think they market is linked with cyptocoins.
so buy some coins as it will bounce back.
btc is rallying.
do you want me to say they go up and down hand in hand.
i do not know.
but i think they will go hand in hand for this crisis.
mainly due to asic builders being located in china.
i noticed an air pollution chart for china from about six weeks ago.
lots of filthy air on the photos six weeks ago
almost none on current satellite 🛰 photo.
thus no gear being built . asic or anything else.
which is why i think they market is linked with cyptocoins.
so buy some coins as it will bounce back.
I don't think so, Corona virus does not have any affect on Bitcoin and even the other cryptocurrencies in the market I would guess. Plus, I don't know why the panic of this virus are widespread in the whole world, Unfortunately, I only see the negative news in the social media. And remember the world economy crisis because of Corona will not attract investors to Bitcoin. Otherwise, I think this current dump of Bitcoin will continue , It may end in days or weeks.
Social networks give more stress to topics and Can I ask why do you think more investors aren't attracted to Bitcoin because of Covid-19 ?
I don't think so, Corona virus does not have any affect on Bitcoin and even the other cryptocurrencies in the market I would guess. Plus, I don't know why the panic of this virus are widespread in the whole world, Unfortunately, I only see the negative news in the social media. And remember the world economy crisis because of Corona will not attract investors to Bitcoin. Otherwise, I think this current dump of Bitcoin will continue , It may end in days or weeks.
I mean, why?
One word: "legitimation".
The hodler church had been preaching legitimation for a long time.
If bitcoin is legitimated by the fiat system, then it will be just another paper asset, and if the stock market falls due to coronavirus, then bitcoin will fall together with it.
Hence the fears from more inexperienced holders.
One tip: stop listening to the hodler church. We dont need legitimation.
See the damage done by CMD and BAKKT: a bear market raging for more than 2 years, bigger than the previous one. Only now there is some resemblance of a bull market forming in the horizon.
Exactly this, we don't know whats going to happen. We don't have our own personal crystal bowl. The market might go down for a while, but the blockchain world is moving forward on the long run. More advanced tech will have a huge influence on the price in the future. I doubt that events like the Covid-19 we see right now, should affect the Bitcoin price on a longer period.
YEA i agree your opinion and that effect must be bullish effect for BTC
I think this is the 3rd thread made about connecting Coronavirus and the bitcoin/altcoin market.
This is one.
https://bitcointalksearch.org/topic/is-bitcoin-a-safe-haven-asset-5229748
Then another.
https://bitcointalksearch.org/topic/coronavirus-aint-helping-5228554
I mean, why?
Yeah, the stock market went down and they say it is because of the virus.
But yet, there is just no facts to connect it directly to bitcoin yet.
I still think there is no slight chance for that.
Better, it might make bitcoin rise because people would want to keep their money to something more safer.
All of these things are important to the issue (of course I'm not worried)This is one.
https://bitcointalksearch.org/topic/is-bitcoin-a-safe-haven-asset-5229748
Then another.
https://bitcointalksearch.org/topic/coronavirus-aint-helping-5228554
I mean, why?
Yeah, the stock market went down and they say it is because of the virus.
But yet, there is just no facts to connect it directly to bitcoin yet.
I still think there is no slight chance for that.
Better, it might make bitcoin rise because people would want to keep their money to something more safer.
But the next thing you said is that Bitcoin is now on the upside and there is a possibility of reforming
I think this is the 3rd thread made about connecting Coronavirus and the bitcoin/altcoin market.
This is one.
https://bitcointalksearch.org/topic/is-bitcoin-a-safe-haven-asset-5229748
Then another.
https://bitcointalksearch.org/topic/coronavirus-aint-helping-5228554
I mean, why?
Yeah, the stock market went down and they say it is because of the virus.
But yet, there is just no facts to connect it directly to bitcoin yet.
I still think there is no slight chance for that.
Better, it might make bitcoin rise because people would want to keep their money to something more safer.
This is one.
https://bitcointalksearch.org/topic/is-bitcoin-a-safe-haven-asset-5229748
Then another.
https://bitcointalksearch.org/topic/coronavirus-aint-helping-5228554
I mean, why?
Yeah, the stock market went down and they say it is because of the virus.
But yet, there is just no facts to connect it directly to bitcoin yet.
I still think there is no slight chance for that.
Better, it might make bitcoin rise because people would want to keep their money to something more safer.
This virus started last year and that time the market is still in recovery phase. We saw the market turn better early this year then currently had a correction but why we connect these situations in covid-19?
I think people are just looking for an event on why this is happening in the market. But the fact is that's how the market works, it's unpredictable.
I think people are just looking for an event on why this is happening in the market. But the fact is that's how the market works, it's unpredictable.
Exactly this, we don't know whats going to happen. We don't have our own personal crystal bowl. The market might go down for a while, but the blockchain world is moving forward on the long run. More advanced tech will have a huge influence on the price in the future. I doubt that events like the Covid-19 we see right now, should affect the Bitcoin price on a longer period.
If recession kicks in too, the job losses and lack of wage growth are going to further squeeze BTC investors into selling. This is why I'm hoping for a bullish stock market into 2021. If the bottom falls out in world markets, that could put a real damper on the BTC bull market.
In the short term for Bitcoin trading, it should be borne in mind that support may quickly break. Instant and futures pursue different goals, with the two types of trades, price recovery times and trader sentiment.I think it will not affect the price of BTC. Bitcoin price has been falling recently, and there is no sign of stopping. BTW I hope that Corona can quickly end because it is putting many people in danger and a lot of people have died of this virus.
Now the price has fluctuated in the range of 8,500 to 8,900 dollars. Fear and greed index also shows the number 38, indicating that traders fear that we will probably see more short positions. 
I think it will not affect the price of BTC. Bitcoin price has been falling recently, and there is no sign of stopping. BTW I hope that Corona can quickly end because it is putting many people in danger and a lot of people have died of this virus.
This isn't really that difficult to correlate. Just go to Tradingview and load a BTCUSD daily chart and click the + button to compare to some stock indicies like the Dow 30 or SP500. Plot both and what do you see?
Basically it looks like the 2 aren't correlated what so ever in the weekly charts.
Basically it looks like the 2 aren't correlated what so ever in the weekly charts.
No direct correlation, that's true. It's not like AUD and gold, whose every moves are correlated because gold mining is a huge part of the Australian economy.
That doesn't mean a financial crisis or stock market crash (not that I necessarily think the corona virus will cause that) would have no effect. Chances are it would spill over into all markets. Investors panicking out of risky assets and into safe havens like treasuries would have a tangible effect on BTC, which even Wall Street institutions are trading now. https://www.investopedia.com/terms/r/risk-on-risk-off.asp
Quote
Investors' appetites for risk rise and fall over time. At times, investors are more likely to invest in higher-risk instruments than during other periods, such as during the 2009 economic recovery period. The 2008 financial crisis was considered a risk-off year, when investors attempted to reduce risk by selling existing risky positions and moving money to either cash positions or low/no-risk positions, such as U.S. Treasury bonds.
If recession kicks in too, the job losses and lack of wage growth are going to further squeeze BTC investors into selling. This is why I'm hoping for a bullish stock market into 2021. If the bottom falls out in world markets, that could put a real damper on the BTC bull market.
I see you are a new user, so you may not know it. When you answer several users in the same thread, do it in one post. If you want to clearly show that these are different statements, then you can separate them, for example by using this simple code:
Writing three posts one below the other, even if they relate to something else, could be considered as spam.
skip
skip
skip
I see you are a new user, so you may not know it. When you answer several users in the same thread, do it in one post. If you want to clearly show that these are different statements, then you can separate them, for example by using this simple code:
Code:
[hr]
It create line like this:
Writing three posts one below the other, even if they relate to something else, could be considered as spam.
I thought that BTC is due to a correction that's why we have seen it tumbled in the previous week. Might be just coincidence that it goes down when there is a latest scare in Italy that's why some have speculated that it is due to the coronavirus scare. It could be a factor as other market also had a major pullback but then again, bitcoin is steady at $8500 so we are still good. $10k will be breach again, we just have to be patience and let this scare settle down a bit.
I agree with you that Bitcoin has shown resistance, there is nothing to fear about it because Crypto doesn't need to be disinfected.
The only effect that coronavirus can have on cryptocurrencies, in my view, is that investors will withdraw funds from stock exchanges and look for other investments. Certainly some of the money withdrawn from classic exchanges will go to the cryptocurrency market, but I do not expect any major price increases. In my opinion, we should expect further declines by the time of halving.
It's hard to predict anything in this scenario we are living, because no one know what's going to happen, everyone is cautious right now, every person on earth should worry because we can have a big financial crisis in a few days/weeks, it's not conspiration, but we are discussing this for some time, and now with Coronavirus hitting the world so hard, there will be consequences for sure
Our entire world depends on China, and if they don't handle this problem quickly, people will going to suffer not only financially but physically too
And predicts about BTC in this specific scenario with Coronavirus is even harder, people can adopt BTC to be more secure, but what about the others who will prefer to have fiat cash to buy essential stuff for living?
The trend is not certain, but our team predicts that the number of people with coronavirus will be reduced until the end of the summer, and hopefully people will use a crypto to pay. Our entire world depends on China, and if they don't handle this problem quickly, people will going to suffer not only financially but physically too
And predicts about BTC in this specific scenario with Coronavirus is even harder, people can adopt BTC to be more secure, but what about the others who will prefer to have fiat cash to buy essential stuff for living?
And don't you think that every time Bitcoin suddenly goes up like what it did early this year isn't overwhelming? Our market is always moving in the extremes as compared to other markets we have, that even if we are consolidating we are still moving around 4-5% daily. If you aren't used to this price movements then you aren't still suited to be in this market or at least be prepared for the nect price movements of Bitcoin. Just keep in mind what I said earlier, if you thought that this price movement was “overwhelming” because it has something to do with the Coronavirus then you are wrong as BTC was bound to correct everytime it suddenly goes up.
I cant really see on whats the correlation of this epidemic towards crypto market price specially with BTC.Towards my own view i dont really apply or imply these sentiments to my price analysis.
I would rather try to look on Technical analysis which is more worth to try on rather than relying on news which doesnt really give out relevant connection.Out of those TA's above
We are already on 8500 support and its either would hold up or there would be an another break down on this upcoming new week.
and i yesterday we saw suport line of btc
Central banks are gearing up for a coordinated rate cut.
https://www.marketwatch.com/story/goldman-economists-expect-fed-to-cut-rates-soon-to-head-off-impact-of-outbreak-2020-03-01?mod=home-page
https://www.marketwatch.com/story/goldman-economists-expect-fed-to-cut-rates-soon-to-head-off-impact-of-outbreak-2020-03-01?mod=home-page
https://www.zerohedge.com/markets/coronageddon-can-minsky-moment-be-avoided
If bitcoin is aligned with the stock market, it will fall.
If not, it will go up, as a hedge against it.
If bitcoin is aligned with the stock market, it will fall.
If not, it will go up, as a hedge against it.
This virus started last year and that time the market is still in recovery phase. We saw the market turn better early this year then currently had a correction but why we connect these situations in covid-19?
I think people are just looking for an event on why this is happening in the market. But the fact is that's how the market works, it's unpredictable.
I think people are just looking for an event on why this is happening in the market. But the fact is that's how the market works, it's unpredictable.
This isn't really that difficult to correlate. Just go to Tradingview and load a BTCUSD daily chart and click the + button to compare to some stock indicies like the Dow 30 or SP500. Plot both and what do you see?
Basically it looks like the 2 aren't correlated what so ever in the weekly charts. Basically one is trading sideways or they are both positively or negatively correlated. Now plot a 4H chart and what do you see? Around Feb 12th both had a local top, and BTC started to drop while DOW traded sideways until last week of Febraury when both of them just started tanking together.
My conclusion is that there is no correlation between the two.
Basically it looks like the 2 aren't correlated what so ever in the weekly charts. Basically one is trading sideways or they are both positively or negatively correlated. Now plot a 4H chart and what do you see? Around Feb 12th both had a local top, and BTC started to drop while DOW traded sideways until last week of Febraury when both of them just started tanking together.
My conclusion is that there is no correlation between the two.
I thought that BTC is due to a correction that's why we have seen it tumbled in the previous week. Might be just coincidence that it goes down when there is a latest scare in Italy that's why some have speculated that it is due to the coronavirus scare. It could be a factor as other market also had a major pullback but then again, bitcoin is steady at $8500 so we are still good. $10k will be breach again, we just have to be patience and let this scare settle down a bit.
The recent drop of Bitcoin's price may not have direct correlation with the corona virus, but It's somehow affecting it a slower phase which may not be noticed by the people. Obviously the stock are falling since some if not most of the production from the supply chain came from China.
Bitcoin might be holding in a $8,500 level maybe because of the block halving hype counteracting the global pandemic issue.
I thought that BTC is due to a correction that's why we have seen it tumbled in the previous week. Might be just coincidence that it goes down when there is a latest scare in Italy that's why some have speculated that it is due to the coronavirus scare. It could be a factor as other market also had a major pullback but then again, bitcoin is steady at $8500 so we are still good. $10k will be breach again, we just have to be patience and let this scare settle down a bit.
It's hard to predict anything in this scenario we are living, because no one know what's going to happen, everyone is cautious right now, every person on earth should worry because we can have a big financial crisis in a few days/weeks, it's not conspiration, but we are discussing this for some time, and now with Coronavirus hitting the world so hard, there will be consequences for sure
Our entire world depends on China, and if they don't handle this problem quickly, people will going to suffer not only financially but physically too
And predicts about BTC in this specific scenario with Coronavirus is even harder, people can adopt BTC to be more secure, but what about the others who will prefer to have fiat cash to buy essential stuff for living?
Our entire world depends on China, and if they don't handle this problem quickly, people will going to suffer not only financially but physically too
And predicts about BTC in this specific scenario with Coronavirus is even harder, people can adopt BTC to be more secure, but what about the others who will prefer to have fiat cash to buy essential stuff for living?
Totally wrong!
If these are not related then explain me how exactly the downtrend started in the same phase of time that Corona was started to get spread?
If these are not related then explain me how exactly the downtrend started in the same phase of time that Corona was started to get spread?
Markets often move together: https://www.wsj.com/articles/there-are-few-places-to-hide-when-markets-all-move-together-11566993602
It's not just correlated markets either, so it's not all about financial cause and effect. There are global psychological and even more esoteric factors at play. When major panic strikes (as in a financial crisis), it tends to hit everything at once. That's what we saw in 2008.
There are two very good reasons why BTCUSD corrected off the $10,000s:
Remember how crazy the funding rate and futures premiums were a week back or so. Obviously a correction had to happen.
Yup, and there's another obvious reason why the market corrected:
Corona virus induced panic in the stock markets may have provided an additional factor, but I wouldn't consider it the primary cause.
If the stock market keeps crashing at this rate, it will probably signify a major incoming global recession. That means job losses and outflows from high-risk investment assets. This would be a bearish factor for BTC.
The DOW and S&P 500 mini futures are about to open. I'm excited to see what they have to say about the market's expectations for next week.
These days most news about Covid-19 and crypto market have nose-diving this week, most important question is crypto markets will recover or continue on a downward spiral next week
I cant really see on whats the correlation of this epidemic towards crypto market price specially with BTC.Towards my own view i dont really apply or imply these sentiments to my price analysis.I would rather try to look on Technical analysis which is more worth to try on rather than relying on news which doesnt really give out relevant connection.Out of those TA's above
We are already on 8500 support and its either would hold up or there would be an another break down on this upcoming new week.
The only correlation is between the virus and s&p500 which took a dive because there was a fear of Chinese market s shutting down. Most of the products we use in our houses are made in China so it's a problem for big companies with production in China. Almost all electronic appliances are made there.
Bitcoin reacted to that fear as well because it's a currency. If normal stores shut down those that offer their products for Bitcoins will too.
~snip~
I think this price correction has been overwhelming, don't you think so?It's less than 71 days away from Christmas and Bitcoin price is under $ 10k
And don't you think that every time Bitcoin suddenly goes up like what it did early this year isn't overwhelming? Our market is always moving in the extremes as compared to other markets we have, that even if we are consolidating we are still moving around 4-5% daily. If you aren't used to this price movements then you aren't still suited to be in this market or at least be prepared for the nect price movements of Bitcoin. Just keep in mind what I said earlier, if you thought that this price movement was “overwhelming” because it has something to do with the Coronavirus then you are wrong as BTC was bound to correct everytime it suddenly goes up.
These days most news about Covid-19 and crypto market have nose-diving this week, most important question is crypto markets will recover or continue on a downward spiral next week
I cant really see on whats the correlation of this epidemic towards crypto market price specially with BTC.Towards my own view i dont really apply or imply these sentiments to my price analysis.I would rather try to look on Technical analysis which is more worth to try on rather than relying on news which doesnt really give out relevant connection.Out of those TA's above
We are already on 8500 support and its either would hold up or there would be an another break down on this upcoming new week.
but bitcoin support as u said is already break and right now price is 8430 i think soon we going to see bitcoin in 8200 support
but i hope bitcoin price stay like this and dont get under this price,and i think soon we see price will start to move and go to top.
and after covid-19 news around world i thought bitcoin support chould be 9200 and 9100 but price is on 8000k channel now and covid still a big news all around the world so the effect of this virus on markets still remains .
PlanB 's forecast is based on historical data that bitcoin prices are not moving beyond the 200-week moving average, so it can be concluded that bitcoin prices are likely to continue their downtrend and the new price floor will continue to decline. To register in 2020
Important support: $ 8500
but i hope bitcoin price stay like this and dont get under this price,and i think soon we see price will start to move and go to top.
and after covid-19 news around world i thought bitcoin support chould be 9200 and 9100 but price is on 8000k channel now and covid still a big news all around the world so the effect of this virus on markets still remains .
The “market scare” only started the drops in prices but the reason of China's conditione worsening is there. Like what I have said in my previous posts related to the COVID-19 affecting stock prices it's relationship towards US companies are big in a way that US Companies that has factories in China are affecting their production which affects their revenue potential. Not only that as it also affects their revenue directly in a way that China is one of their biggest markets. Bitcoin right now doesn't show any signs that it was affected by the coronavirus as Bitcoin was due for a correction when it was overbought at the mid-week of February, the news connecting the outbreak and Bitcoin prices falling down are only misleading us.
It's less than 71 days away from Christmas and Bitcoin price is under $ 10k
I can't figure out why this coronavirus scare is affecting the markets so much--people are saying that it's going to negate all corporate earnings for 2020 and crap like that, but I don't see how it's possible to have nearly that kind of an effect on the economy. Investors are obviously scared, though--that much is real.
As far as bitcoin goes, I'd point out that it's still around $8500 and that isn't bad at all. Yes, it took a little nosedive from its 2020 high but it's not like it crashed back down to $3k or anything like that. I'm hoping the general fear will subside and that the world of medicine will get the spread of the virus under control--and that the media stops feeding the fear, which they obviously love to do.
In the meantime, use hand sanitizer liberally.
As far as bitcoin goes, I'd point out that it's still around $8500 and that isn't bad at all. Yes, it took a little nosedive from its 2020 high but it's not like it crashed back down to $3k or anything like that. I'm hoping the general fear will subside and that the world of medicine will get the spread of the virus under control--and that the media stops feeding the fear, which they obviously love to do.
In the meantime, use hand sanitizer liberally.
The “market scare” only started the drops in prices but the reason of China's conditione worsening is there. Like what I have said in my previous posts related to the COVID-19 affecting stock prices it's relationship towards US companies are big in a way that US Companies that has factories in China are affecting their production which affects their revenue potential. Not only that as it also affects their revenue directly in a way that China is one of their biggest markets. Bitcoin right now doesn't show any signs that it was affected by the coronavirus as Bitcoin was due for a correction when it was overbought at the mid-week of February, the news connecting the outbreak and Bitcoin prices falling down are only misleading us.
IMO, it is not connected with any virus at all.
Even with that viral sickness that had been spreading.
Why does it have to be always about China?
Before, just because of their President talking about blockchain then people starting to speculate it is also the reason for bitcoin growth.
And now this? Why not look at how the financial industry is going. Stocks are down and other issues about finance. Maybe that is the nearest we could get to reason out all this events.
Totally wrong!Even with that viral sickness that had been spreading.
Why does it have to be always about China?
Before, just because of their President talking about blockchain then people starting to speculate it is also the reason for bitcoin growth.
And now this? Why not look at how the financial industry is going. Stocks are down and other issues about finance. Maybe that is the nearest we could get to reason out all this events.
If these are not related then explain me how exactly the downtrend started in the same phase of time that Corona was started to get spread?
Also the other reason is to paying attention to the start point of the virus. Had the same location of the bitcoin start point!
In the other hand, you just Imagine the greatest power in the world currently is the USA itself, now people are selling USD for BTC... so the US government won't just sit and watch the price of USD falling down.
Of curse these are all just theories but which one is true? this is the million dolor question!
IMO, it is not connected with any virus at all.
Even with that viral sickness that had been spreading.
Why does it have to be always about China?
Before, just because of their President talking about blockchain then people starting to speculate it is also the reason for bitcoin growth.
And now this? Why not look at how the financial industry is going. Stocks are down and other issues about finance. Maybe that is the nearest we could get to reason out all this events.
Even with that viral sickness that had been spreading.
Why does it have to be always about China?
Before, just because of their President talking about blockchain then people starting to speculate it is also the reason for bitcoin growth.
And now this? Why not look at how the financial industry is going. Stocks are down and other issues about finance. Maybe that is the nearest we could get to reason out all this events.
I can't figure out why this coronavirus scare is affecting the markets so much--people are saying that it's going to negate all corporate earnings for 2020 and crap like that, but I don't see how it's possible to have nearly that kind of an effect on the economy. Investors are obviously scared, though--that much is real.
As far as bitcoin goes, I'd point out that it's still around $8500 and that isn't bad at all. Yes, it took a little nosedive from its 2020 high but it's not like it crashed back down to $3k or anything like that. I'm hoping the general fear will subside and that the world of medicine will get the spread of the virus under control--and that the media stops feeding the fear, which they obviously love to do.
In the meantime, use hand sanitizer liberally.
yeah i think minimum price of BTC is $8200 i hope so As far as bitcoin goes, I'd point out that it's still around $8500 and that isn't bad at all. Yes, it took a little nosedive from its 2020 high but it's not like it crashed back down to $3k or anything like that. I'm hoping the general fear will subside and that the world of medicine will get the spread of the virus under control--and that the media stops feeding the fear, which they obviously love to do.
In the meantime, use hand sanitizer liberally.
The link below is an analysis of the corona virus growth process
You can also check :
https://gisanddata.maps.arcgis.com/apps/opsdashboard/index.html#/bda7594740fd40299423467b48e9ecf6
https://www.supplychaindigital.com/supply-chain-management/how-are-global-supply-chains-managing-coronavirus
Quote
Apple
The global tech giants, Apple, has warned of global “iPhone supply shortages” resulting from its Chinese factories closed due to the outbreak. Apple manufactures the majority of its iPhones and other products in China, and the coronavirus’s increasing presence has caused the firm to halt production and close retail stores in China. In a press release, Apple confirmed it would not meet its Q1 revenue target of US$63-67bn. “Work is starting to resume around the country, but we are experiencing a slower return to normal conditions than we had anticipated,” read the press release. “As a result, we do not expect to meet the revenue guidance we provided for the March quarter.”
McDonald’s
In a recent earnings call, Chris Kempczinski, McDonald’s president and CEO, commented: “The situation in China is fluid and concerning. Right now, as you would expect, our priority is on our employees and customers and ensuring we do everything we can to ensure they’re safe and taken care of.” At the end of January, McDonald’s closed approximately 300 restaurants in China, however, Kemczinski stressed that “3,000 restaurants in China remain open.”
Burberry
The coronavirus could cost the luxury industry over US$40bn in revenue. Companies such as Burberry, Ralph Lauren, Coach and Capri Holdings have already told of the significant impact the deadly virus has had on business. Burberry has closed 24 of its 64 total stores in mainland China, while the other 40 remain open on reduced hours and with substantial footfall declines. Speaking to Business Insider, Burberry CEO Marco Gobbetti said: “The outbreak of the coronavirus in mainland China is having a material negative effect on luxury demand. While we cannot currently predict how long this situation will last, we remain confident in our strategy.”
I can't figure out why this coronavirus scare is affecting the markets so much--people are saying that it's going to negate all corporate earnings for 2020 and crap like that, but I don't see how it's possible to have nearly that kind of an effect on the economy. Investors are obviously scared, though--that much is real.
As far as bitcoin goes, I'd point out that it's still around $8500 and that isn't bad at all. Yes, it took a little nosedive from its 2020 high but it's not like it crashed back down to $3k or anything like that. I'm hoping the general fear will subside and that the world of medicine will get the spread of the virus under control--and that the media stops feeding the fear, which they obviously love to do.
In the meantime, use hand sanitizer liberally.
yeah i think minimum price of BTC is $8200 i hope so As far as bitcoin goes, I'd point out that it's still around $8500 and that isn't bad at all. Yes, it took a little nosedive from its 2020 high but it's not like it crashed back down to $3k or anything like that. I'm hoping the general fear will subside and that the world of medicine will get the spread of the virus under control--and that the media stops feeding the fear, which they obviously love to do.
In the meantime, use hand sanitizer liberally.
The link below is an analysis of the corona virus growth process
https://i.imgur.com/Dmd3yhZ.png
Uhhh, BTC is pretty fine imo. I mean , if we took a look at the market, it was a full month of BTC reaching from $7k to $10k. Without any kind of retaliation, I really doubt the push would have been natural. You could say it's a correction of sorts, one that well, pushed BTC back quite a bit. Still, we're still relatively well tbh. 3 months in an we have an increase of $1.5k from the start, pretty good if I do say so myself .
We live in an global market, with huge supply chains from a lot of countries to and from China / Asia / Singapore.
Those supply chains come under pressure, due to this virus and the measurements that are taking by countries to combat it.
The rest of the world is still playing catch up with this virus, which could bring even more supply chains in danger.
That is why its affecting the markets so much, several major tech companies are already bringing down their profit expectations due to this virus and their supply chains it
threatens. Just look at Apple who now face problems manufacturing its Iphones in China, possibly having to delay the launch of its new Iphone models.
Other companies are in the process of relocating from China to other countries, but are still relying on sub parts coming from China.
It will take a lot of time to create new supply chains.
Isn't that the point why the fear is unwarranted? Especially if you look at how most of the stock market is based on the US, and how Bitcoin is a crypto, a place entirely unaffected by the virus. Even if we say the miners are affected, like look, miners are technically just machines, so why the huge effect? It's more about feat instead of anything else. Yes, the economy was hit, but only on a scale where those with physical interactions are mostly affected. There's also the fact that most news regarding the market and the virus is over the top, so yea. Those supply chains come under pressure, due to this virus and the measurements that are taking by countries to combat it.
The rest of the world is still playing catch up with this virus, which could bring even more supply chains in danger.
That is why its affecting the markets so much, several major tech companies are already bringing down their profit expectations due to this virus and their supply chains it
threatens. Just look at Apple who now face problems manufacturing its Iphones in China, possibly having to delay the launch of its new Iphone models.
Other companies are in the process of relocating from China to other countries, but are still relying on sub parts coming from China.
It will take a lot of time to create new supply chains.
I can't figure out why this coronavirus scare is affecting the markets so much--people are saying that it's going to negate all corporate earnings for 2020 and crap like that, but I don't see how it's possible to have nearly that kind of an effect on the economy. Investors are obviously scared, though--that much is real.
As far as bitcoin goes, I'd point out that it's still around $8500 and that isn't bad at all. Yes, it took a little nosedive from its 2020 high but it's not like it crashed back down to $3k or anything like that. I'm hoping the general fear will subside and that the world of medicine will get the spread of the virus under control--and that the media stops feeding the fear, which they obviously love to do.
In the meantime, use hand sanitizer liberally.
As far as bitcoin goes, I'd point out that it's still around $8500 and that isn't bad at all. Yes, it took a little nosedive from its 2020 high but it's not like it crashed back down to $3k or anything like that. I'm hoping the general fear will subside and that the world of medicine will get the spread of the virus under control--and that the media stops feeding the fear, which they obviously love to do.
In the meantime, use hand sanitizer liberally.
Totally agreed with you, the fear is real since the current downtrend made us worry to even think about to selling all the bitcoins we have.
But these are all sensual actions by some people when have no idea about the market and the acting of the price.
According to my experiences I can ensure you the price will again and having one bitcoin will be a great wish for everyone soon.
I can't figure out why this coronavirus scare is affecting the markets so much--people are saying that it's going to negate all corporate earnings for 2020 and crap like that, but I don't see how it's possible to have nearly that kind of an effect on the economy. Investors are obviously scared, though--that much is real.
We live in an global market, with huge supply chains from a lot of countries to and from China / Asia / Singapore / South Korea.
Those supply chains come under pressure, due to this virus and the measurements that are taking by countries to combat it.
The rest of the world is still playing catch up with this virus, which could bring even more supply chains in danger.
That is why its affecting the markets so much, several major tech companies are already bringing down their profit expectations due to this virus and their supply chains it
threatens. Just look at Apple who now face problems manufacturing its Iphones in China, possibly having to delay the launch of its new Iphone models.
Other companies are in the process of relocating from China to other countries, but are still relying on sub parts coming from China.
It will take a lot of time to create new supply chains.
Link : https://www.wsj.com/articles/world-economy-shudders-as-coronavirus-threatens-global-supply-chains-11582474608?mod=hp_lead_pos1
For me the indicators being analyzed are not reliable but what I'm looking at is the resistance level at $9,200. This point is important and from the look of it all, it still looks bear. For the corona virus issue, maybe is a reason too for dumping. Hodlers can sell off to recover some money for sustaining their health.
yea indicators some time being analyzed are not reliable but we cannot ignore them and In my opinion, people are better off using bitcoin for payment and not using paper money in a situation where the virus is spreading quickly.
I think there's already a topic similar to this but it was linked to the USA and Iraq feud and now since the latest hot news is about COVID-19 so they linked it to the virus now. In my opinion, the virus outbreak has an effect on the economies performance of country thus it will slightly affect bitcoin's price but saying that this virus outbreak is one of the major contributor of the sudden price decrease is not true at all. Bitcoin has been like this even before the outbreak so regardless of whatever new there it will always be like this.
I can't figure out why this coronavirus scare is affecting the markets so much--people are saying that it's going to negate all corporate earnings for 2020 and crap like that, but I don't see how it's possible to have nearly that kind of an effect on the economy. Investors are obviously scared, though--that much is real.
As far as bitcoin goes, I'd point out that it's still around $8500 and that isn't bad at all. Yes, it took a little nosedive from its 2020 high but it's not like it crashed back down to $3k or anything like that. I'm hoping the general fear will subside and that the world of medicine will get the spread of the virus under control--and that the media stops feeding the fear, which they obviously love to do.
In the meantime, use hand sanitizer liberally.
As far as bitcoin goes, I'd point out that it's still around $8500 and that isn't bad at all. Yes, it took a little nosedive from its 2020 high but it's not like it crashed back down to $3k or anything like that. I'm hoping the general fear will subside and that the world of medicine will get the spread of the virus under control--and that the media stops feeding the fear, which they obviously love to do.
In the meantime, use hand sanitizer liberally.
For me the indicators being analyzed are not reliable but what I'm looking at is the resistance level at $9,200. This point is important and from the look of it all, it still looks bear. For the corona virus issue, maybe is a reason too for dumping. Hodlers can sell off to recover some money for sustaining their health.
crypto market have nose-diving this week, most important question is crypto markets will recover or continue on a downward spiral next week
a lot of the shitcoins were pumped in the week before the current ongoing altcoin dump so it is expected to see a big altcoin dump like this going on. if you look at the charts you can see bitcoin was stable in those weeks which explains the altcoin pumps and now that bitcoin had a small drop the altcoin panic dump mode activated hence the big dumps everywhere.
none of it has anything to do with covid19 though! if anything we should have seen a bitcoin price rise during all these altcoin dumps.
i hope bitcoin take attention because bitcoin don't need disinfection
crypto market have nose-diving this week, most important question is crypto markets will recover or continue on a downward spiral next week
a lot of the shitcoins were pumped in the week before the current ongoing altcoin dump so it is expected to see a big altcoin dump like this going on. if you look at the charts you can see bitcoin was stable in those weeks which explains the altcoin pumps and now that bitcoin had a small drop the altcoin panic dump mode activated hence the big dumps everywhere.
none of it has anything to do with covid19 though! if anything we should have seen a bitcoin price rise during all these altcoin dumps.
These days most news about Covid-19 and crypto market have nose-diving this week, most important question is crypto markets will recover or continue on a downward spiral next week
Take a look at the technical indicators:
MACD in 4-hour timing: It is about to enter the bearish range.
The RSI index is at the 1-hour timeframe: below 40 , which tends to strong sell.
Important support: $ 8500
IMPORTANT RESISTANCE: $ 9200
Take a look at the technical indicators:
MACD in 4-hour timing: It is about to enter the bearish range.
The RSI index is at the 1-hour timeframe: below 40 , which tends to strong sell.
Important support: $ 8500
IMPORTANT RESISTANCE: $ 9200
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