Bitcoin Reclaims the 200 Weekly MA Has BTC Decoupled from the Stock Market Turmoil?

Bitcoin Reclaims the 200 Weekly MA. Has BTC Decoupled from the Stock Market Turmoil?

Last week, Bitcoin (BTC) lost the 200 Weekly MA and dropped as low as $3,700. It has since recovered this crucial support.

In brief:

  • Bitcoin (BTC) lost the crucial support of the 200 Weekly MA due to the global economic impact of the Coronavirus.
  • For the past few weeks, BTC has been correlated to the stock market that has been continually in distress.
  • The King of Crypto has since reclaimed this crucial support indicating a possible decoupling from the stock market turmoil.

As the rest of the crypto community is closely watching Bitcoin’s impressive gains from $5,200 to $6,900, something exciting has just happened: The King of Crypto has reclaimed the 200 Weekly Moving Average. This achievement might put BTC on a trajectory to still prove its worth in the markets as a safe haven asset. This is the same Moving Average (in yellow) that indicated a bottom to the 2018 bear market. The following Bitfinex BTC/USD chart gives a better visual cue of the situation.

Strong Bitcoin Weekly Candle

Also to note, is that the weekly candle is a strong green one. This fact was pointed out by popular Crypto trader @CryptoDude999 in the following tweet.

Has Bitcoin Decoupled from the Stock Market Turmoil?

The resurgence of Bitcoin and regaining the 200 Weekly Moving Average is grounds to speculate that BTC is again the focus of investors seeking alternative assets to rally behind during the current market uncertainty brought about by the spread of the Coronavirus. Crypto trader @hodlonaut best captures this fact through the following tweet.

Best to Exercise Caution with BTC

However, it might be wise to maintain a level of caution given the fact that the weekly MACD in the first screenshot, shows that the trend might still be in favor of the bears. Bitcoin also faces tough resistance at $6,900 . It was rejected at this value a few hours ago. Also to note is that the week is not yet over. The strong weekly candle might fall victim to low trade volume that is a characteristic of most weekends.

(Feature image courtesy of Katrina Berban on Unsplash.)

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe

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Bitcoin Price Spikes to 7K as Fed Balance Sheet Nears 5 Trillion

Bitcoin Price Spikes to $7K as Fed Balance Sheet Nears $5 Trillion


Image courtesy of CoinTelegraph

            MARCH 20, 2020

Bitcoin (BTC) was gearing up to crack $7,000 on March 20 as the cryptocurrency's miraculous turnaround produced almost 90% weekly gains.

Cryptocurrency market daily overview
Cryptocurrency market daily overview. Source: Coin360

Data from Coin360 and Cointelegraph Markets showed BTC/USD trading at around $6,600 on Friday, having risen by more than 20% in the preceding 24 hours alone.

Exchange spreads were wide — on Bitstamp, for example, an unusual one-minute candle briefly took Bitcoin to $7,140.

Bitcoin 1-day price chart
Bitcoin 1-day price chart. Source: Coin360

Bullish momentum intensified in the second half of the week, following fresh announcements of liquidity printing by central banks on a historically unprecedented scale.

As Cointelegraph reported, in-house analyst Keith Wareing predicted that BTC/USD would top out at around $7,200. For this, $6,400 should remain as support, he said.

Fed balance sheet hits record

The events place Bitcoin firmly at odds with stocks and the wider traditional market. In the United States, where markets failed to react to monetary stimulus promises, the Federal Reserve's balance sheet hit record highs of $4.66 trillion.

Over the past week, the balance sheet increased by $356 billion, claiming the title of the largest such increase ever since 2008 — the height of the global financial crisis.

Analysts had increasingly argued that the coronavirus pandemic's side effects had become worse than 2008, while Bitcoin appeared to weather its first global financial meltdown.

Other safe-haven assets, notably gold, were yet to stage a similar recovery on Friday. At press time, XAU/USD was still down 5.6% for the week, after a modest 3.4% rebound.

Original article posted on the CoinTelegraph.com site, by William Suberg.

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The 5 Most Common WordPress Problems And how to Fix Them

The 5 Most Common WordPress Problems (And how to Fix Them!)

By Syed Balkhi      March 18th, 2020

If you ask most business owners and bloggers what they use to power their website, many will tell you that they use WordPress. Specifically, they use WordPress.org instead of WordPress.com.

The org version of WordPress is open source software, which gives you the flexibility you need to create a website with all of the tools you’ll need for success. WordPress.com is a platform for self-publishing, but you’ll have much less room for growth.

As a general rule, you should always use the org version of WordPress. The various plugin options and creative freedom is well worth the investment. Along with the extra freedom, you might find yourself encountering more technical problems on your website.

We are going to take a look at 5 of the most common WordPress problems and how you can fix them.

Let’s dive in!

404 Error

Have you ever navigated to your website only to see the dreaded 404 page? If not, here’s what it looks like:

Despite your initial fears, this problem is relatively easy to solve.

A 404 will only pop up when you try to go to your website without logging in to your WordPress dashboard. You can solve this error by first logging in and accessing your dashboard.

The most common reason for this error is an issue with your permalink settings.

You can correct this error by clicking on settings >> permalink from your dashboard. Once you’re on the menu, simply click the button that reads save changes. This small but powerful action causes a rewrite to occur on your permalink settings, thus fixing the 404 error.

If this doesn’t solve the problem, you may have an error with your .htaccess file. This solution requires a little more work, but here’s a step by step video guide on resolving .htaccess errors.

Email Deliverability

There’s nothing worse than spending time to craft a killer email marketing campaign, only to find out your subscribers aren’t getting your emails. On the other hand, maybe they are getting your messages, but they are landing in the spam folder.

You need to solve this problem as soon as possible if you hope to continue growing your blog or small business. This problem stems from the way WordPress sends emails, which is using a PHP mail function. The issue with this type of email is it can cause conflicts with Gmail, Yahoo, and Outlook, amongst other email providers.

When a provider tries to pinpoint the origin of your email, they may get mixed signals based on your location, whether you’re using a VPN, and many other variables. If any of the email hosting companies see a conflict with your emails, they will send them to the spam folder, or never allow them to be delivered.

We suggest sending your WordPress emails using a tool like WP Mail SMTP. Instead of the standing PHP email function, your messages will send through a simple mail transfer protocol (SMTP), which helps ensure email deliverability. When you use SMTP for your emails, there’s a better chance that email service providers will accept your messages and allow them to reach users.

The result? More people will see your emails and land on your website.

Stuck in Maintenance Mode

Now, let’s talk about maintenance mode. Most websites undergo regular updates when installing plugins, updating posts, and changing design elements, and designers use a plugin like SeedProd to keep their site locked while they are working. Sometimes, these processes happen in the background. For instance, if a plugin needs an update and you have automatic updates activated on your site.

But what do you do when you type in your site URL and see this?

So you try to refresh the page, but it keeps saying the site is in maintenance mode. If you have an active website, you’re missing out on leads and sales during this time.

Luckily, there is a relatively quick fix for when your site is stuck in maintenance mode.

Go to your WordPress dashboard, which will work even if your site is down. Connect your website to a file transfer protocol (FTP), so you can view the files within your website.

Look for a file called .maintence, like the one below:

Once you locate the file, right-click and select delete. If your website was in maintenance mode, there’s an excellent chance this will solve your problem.

Login Loop

If you ever try to navigate to your site, but can’t log in because the page keeps refreshing, you’re likely suffering from a login loop. This is the most manageable problem to solve, but also one of the most annoying if you’re not sure what to do.

Simply put, the redirect error occurs because WordPress uses cookies to validate your login information. When you don’t bother clearing out your cookies, cache, or browser, sometimes lines cross, which results in the login loop.

First, try to clear out the three sources we mentioned, close your browser, and open it again. Try to navigate to your website and log in. Once your site lets you in, you’re good to go.

If you’re still experiencing this issue, try to log in to your WordPress dashboard and go to settings >> permalink and click save. Similar to the 404 error, sometimes, this tactic can correct the login look error.

Facebook Incorrect Thumbnail Error

There are over 3 billion people on social media, so it’s essential that you can share content from your blog to your various accounts. However, Facebook has an error with showing thumbnails when you share blog posts from your website.

Instead of the cover image you created for the post, you’ll see a mostly empty box with a small red X in the corner. Not only does this look unprofessional, but it’s also not helping you convince readers to check out your post from an entertainment standpoint.

This problem usually occurs because Facebook uses Open Graph (OG) tags. If more than one image on your blog post has an OG tag, it causes a conflict. Instead of displaying one or the other, Facebook displays neither.

You can solve this problem using a tool like All in One SEO Pack, which allows you to pick the cover photo you want to use on Facebook from within your website. When you set up your descriptions, you can choose an image from your post, and that will be the picture used when you share your post to social media.

Back to You

Now you know how to solve some of the most common problems that occur when using the org version of WordPress. There’s no doubt that this is the best way to build your website in 2020, but it takes some time to learn the nuances of this constantly changing platform.

As you spend more time building your website, you’ll start to gain a greater understanding of how to troubleshoot the most common WordPress issues.

Do you still need help? Check out our free WordPress installation service!

Syed Balkhi is an award-winning entrepreneur and online marketing expert. He is the co-founder of OptinMonster, WPBeginner, MonsterInsights, and WPForms.

Original article written by: Syed Balkhi and posted on JohnChow.com.

Article reposted on Markethive by Jeffrey Sloe

Visit MarketHive to learn more: http://markethive.com/jeffreysloe

Coinbase Allowing Coinbase Card Usage Through Google Pay

Coinbase Allowing Coinbase Card Usage Through Google Pay

By RTTNews Staff Writer | Published: 3/18/2020 10:24 AM ET

US-based cryptocurrency exchange Coinbase has enabled the usage of Coinbase Card through Google Pay on android devices.

Coinbase recently became the first pure-play crypto company to be approved as a Visa principal member. This membership helped Coinbase issue Visa debit cards known as “Coinbase Card” directly, without depending on third-party issuers. The card enables customers to spend their crypto balances direct from their Coinbase account.

Coinbase Card users can now operate and spend their cryptos without the physical Coinbase Card. The card can be added directly to the users Google Pay wallets and operated as a contactless card.

Following the integration with Google Pay, Coinbase Card customers can use using their smartphones, smartwatches, and other Google Pay-enabled devices and make crypto payments.

The card can be used as easily as a debit card is used to spend money in their bank account. The Card supports all crypto assets that are available to buy and sell on the Coinbase platform. The Coinbase Card app is also available for iOS users, but not enabled for Google Pay integration.

Coinbase Card payments using Google Pay are available to customers in the U.K. and some other European countries such as Belgium, Finland, Slovakia, Republic of Ireland, Croatia, Czech Republic, Poland, Denmark, Norway, and Sweden, Italy, Spain and France.

The cards were initially being issued by a third party, Paysafe Financial Services Limited, which is authorized by the Financial Conduct Authority. Coinbase is the first debit card to link directly with a major cryptocurrency exchange in the UK and EU. It is not approved for use in the U.S.

On Monday, Coinbase rolled out a new feature called Bitcoin transaction batching, which is expected to save users more than 50% on network fees and also significantly reduce the load on the Bitcoin blockchain network.

Coinbase also recently enabled support for users of their wallets to send cryptocurrencies such as Bitcoin using short user-friendly addresses instead of traditional long hexadecimal addresses.

For comments and feedback contact: editorial@rttnews.com

Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

Article reposted on Markethive by Jeffrey Sloe

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Why Bitcoin’s Halving Might Not Boost BTC’s Value This Time Round

Why Bitcoin's Halving Might Not Boost BTC's Value This Time Round

Previous halving events have resulted in Bitcoin gaining in value. However, current market environment might hinder a boost in price.

In brief:

  • The current global economic environment is very different from past Bitcoin halving events.
  • The first halving event was on November 28th, 2012; the Second was July 9, 2016; and the Third halving event is estimated to occur around 12th May 2020.
  • Perhaps LTC's performance during last year's Litecoin halving was a warning sign that Bitcoin's value will not go up.

A tweet by legendary commodities trader, Peter Brandt, has sparked a lot of debate regarding the upcoming Bitcoin halving event and its effects on the value of BTC. In the tweet, Mr. Brandt suggests that the event is grossly over-rated and that the real supply of BTC is equivalent to its daily trading volume. He further explains that the daily reduction in mined BTC is roughly 1% of this value. His tweet can be found below.

Several members of crypto twitter have thus responded to the tweet with a summary of their arguments being as follows:

  • Mr. Brandt is right and the halving has already been priced in.
  • His method of using trading volume as a measure of supply is wrong.

Why Bitcoin's Value Might Not Be Boosted by the Halving

Whether Mr. Brandt's analysis is right or wrong, is a debate that will probably be worthy of a research paper. What we do know is that the world as we know it is coming to terms with the Coronavirus pandemic. As a result, global economies have been hit hard with the Dow, S&P 500 and Oil dropping significantly in the past two weeks. As a result, the United States is considering bailouts as well us giving all its citizens a cash stimulus in the coming days. Governments all over the world are doing all they can to prevent a recession in their respective economies.

It is with the above global economic environment, that Bitcoin's halving might not have the desired effect on the price of BTC. We saw in an earlier analysis, that the value of BTC might be headed to the mid or high $2,000 levels if there is a confirmed recession.

Litecoin's Halving Last Year, Was Perhaps a Warning for Bitcoin

It is often said that Litecoin is Bitcoin's little brother and LTC might have revealed that the effects of halving events on the value of a coin are dwindling with time. Litecoin's last halving was on August 5th, 2019. The coin's value peaked on 20th June 2019 at $145. This was approximately 46 days before the event.

Further checking the countdown towards Bitcoin's halving, we find that the event is 55 days away. This, in turn, could mean that the halving has already been priced in and we are truly in a bear market.

Why Bitcoin's Halving Might Not Boost BTC's Value This Time Round 1

(Feature image courtesy of Daniel Lincoln on Unsplash.)

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author's and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe

Visit MarketHive to learn more: http://markethive.com/jeffreysloe

Coinbase Rolls Out Bitcoin Batching To Cut Transaction Fees By 50

Coinbase Rolls Out Bitcoin Batching To Cut Transaction Fees By 50%

By RTTNews Staff Writer | Published: 3/17/2020 10:33 AM ET

US-based cryptocurrency exchange Coinbase rolled out a new feature called Bitcoin transaction batching, which is expected to save users more than 50% on network fees and also significantly reduce the load on the Bitcoin blockchain network.

Each Bitcoin transaction requested by a Coinbase customer is broadcasted a single on-chain transaction. Starting today, Coinbase will be bundling multiple sends into a single transaction. The new update requires no action from customers, who will immediately see reduced network fees.

A single transaction that fulfills requests sent by multiple users occupies less space in each block than each being processed individually.

Bitcoin transaction batching will be applied to both Coinbase and Coinbase Pro platforms. However, Coinbase Pro customers will see no noticeable changes to the experience as 100% of network fees are already covered.

The new feature will lead to a small delay in a transaction being broadcast to the network, but will not impact the time it takes for transactions to be confirmed at the normal rate for customers.

This is expected to improve usability of Bitcoin's open protocol, as a major obstacle for Bitcoin usability is scalability, or the rate at which the network is capable of processing transactions.

All Bitcoin transactions are required to pay a network fee, or a processing fee. However, users pay an average network fee for a single transaction of over $30 during periods of high activity on the network as Bitcoin users compete to outbid each other via network transaction fees.

Currently, daily median network fees on the Bitcoin network are approximately $0.30 for a transaction. Batching will help make Bitcoin more usable by lowering overall network fees and freeing up space on the blockchain, which will in turn increase transaction throughput, and helps to increase scalability.

Coinbase recently enabled support for users of their wallets to send cryptocurrencies such as Bitcoin using short user-friendly addresses instead of traditional long hexadecimal addresses. Every Coinbase Wallet user has a small and simple username.

Coinbase also recently became the first pure-play crypto company to be approved as a Visa principal member. This membership will enable Coinbase to issue Visa debit cards known as "Coinbase Card" directly without depending on third-party issuers. This will enable customers to spend their crypto balances direct from their Coinbase account.

For comments and feedback contact: editorial@rttnews.com

Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

Article reposted on Markethive by Jeffrey Sloe

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Internet Users Can Now Feed a Sheep in Real-Time Using Crypto

Internet Users Can Now Feed a Sheep in Real-Time Using Crypto

By Zachary   Posted on 15/03/2020   3 Min read

  • For just 50 cents worth of crypto internet users can now feed a sheep in real-time

Twitch user Tanglesheep has launched an ingenious crypto business, where Twitch viewers can send USD 0.50 of cryptocurrency, which will then instantly dispense alfalfa pellets to a sheep in real-time, which can be watched on a video stream. The sheep can be fed 100 times per day maximum, so Tanglesheep may be earning USD 50 per day from this enterprise, in addition to the sheep being very well fed.

Tanglesheep accepts Bitcoin, Ethereum, Ripple, Litecoin, IOTA, and Bitcoin Cash. Although this concept seems really simple, it actually really exemplifies the power of cryptocurrency. Internet users can send crypto to instantly feed a sheep, even if they are on the other side of the world, and then watch that sheep eat in real-time.

This sheep crypto experiment can be thought of as a proof of concept. It is clear that other clever crypto businesses could be launched, where internet users will pay a small amount of crypto to see actions in real-time on video feeds.

BitcoinNews.com is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

Image Courtesy: Pixabay

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The original article written by Zachary and posted on BitcoinNews.com.

Article reposted on Markethive by Jeffrey Sloe

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Bitcoin BTC Finds Steady Support Above 5000 Is it Time to Go Long?

Bitcoin (BTC) Finds Steady Support Above $5,000, Is it Time to Go Long?

Bitcoin (BTC) experienced a free-fall in price on the 12th and 13th of March. Its value has since held steady above $5,000.

In brief:

  • The spread of the Coronavirus in Europe, N. America and the Asia Pacific region, has had a disatrous effects on the traditional markets as well as the crypto markets.
  • Bitcoin (BTC) had been on a slow tumble in February before its major dip in March.
  • Between the 12th and 13th of this month, BTC fell from $7,300 to $3,700 on some exchanges.
  • It has since found some support above $5,000 and is currently trading at $5,370 at the time of writing this.
  • It might be a while before it is safe to go long on the King of Crypto.

The past week has been a tumultuous one for Bitcoin (BTC) and the entire crypto market. The King of Crypto got a serious knockdown on the 12th and 13th of this month. BTC fell by 49% in value from $7,300 to $3,700 in a matter of a few hours. Some crypto exchanges, such as Bitmex, saw it dip to as low as $3,561. All its woes in the crypto markets have been brought about by the global economic effects of the Coronavirus. Some traders have even gone as far as to state that Technical Analysis no longer works with Bitcoin suggesting that only positive news about the Coronavirus will provide relief to both the stock and crypto markets.

Brief Technical Analysis of Bitcoin (BTC)

Further checking Tradingview, we find that Bitcoin has currently found a footing above the crucial $5,000 support level. It is currently ranging between $4,750 and $5,600 and is valued at $5,370 at the time of writing this. However, the 50 (white) and 100 (yellow) daily moving averages indicate that it is still in bear territory. If this environment prevails over the weekend and into the new week, it might retest its recent low of $3,700. Hopefully, this area will hold as major governments such as the United States, Italy and France, announce measures to combat the spread of the Coronavirus pandemic.

Sentiment Analysis of Bitcoin (BTC)

Further checking the crypto fear and greed index, we find that it is extremely low at a value of 8. The last time it was this low, was February 6th 2018. Checking the charts again, Bitcoin experienced a dip to $5,900 on this date and would then go on a two-week push up to reach a value of $11,800 on the 20th of February, 2018.

Best to Wait Till There is More Positive News About the Coronavirus

However, when we compare February 2018 to the current global economic environment witnessed this March 2020, we can conclude that times are extremely different. The world as we know it is coping with the global pandemic of the Coronavirus and global economies are in turmoil. It might be best to wait for good news with respect to winning the war against the global pandemic.

On the bright side, yesterday's speech by President Donald Trump declaring the Coronavirus a national emergency brought back some confidence in the stock market as well as in crypto. In the speech, he outlined measures his government will undertake to control the spread of the virus in the United States. As a result, the Dow jumped a good $2,000 and Bitcoin has since maintained its value above the crucial support zone above $5,000.

(Feature image courtesy of Christophe Hautier on Unsplash.)

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe

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Bitcoin Recovers Partially After Crash

Bitcoin Recovers Partially After Crash

By Joji Xavier | Published: 3/13/2020 11:25 AM ET

With market turmoil gripping the stock, gold, and oil due to coronavirus concerns, cryptocurrency was the worst affected in the past week.

Friday early morning , Bitcoin crashed to the lowest level since March 25, 2019, before making a quick recovery.

Friday, the US market bounced back from the bruises it suffered on Thursday.

The most popular cryptocurrency went as low as $3,867 at one point, and is currently changing hands at $5,415.

Bitcon, which was trading at above $9000 last Friday, lost around 60 percent in the next seven days.

The virtual currency stayed strong for a few days even when the equity markets across the world crashed over the COVID-19 outbreak on Monday. However, prices slipped down by more than $2,000 from levels near $8,000 seen on Thursday amid sell-off in risk assets.

The second most popular cryptocurrency also was hit hard by the latest market trend.

From $240 last Friday, Ether (ETH) lost its value by more than $100, and is currently trading at $137.

On Friday, Bitcoin has a market capitalization of $105.48 billion, and a 24 hour trade volume of $73 billion, according to CoinMarketCap.

Ether has a market capitalization of $14.89 billion, and a 24 hour trade volume of $28 billion.

For comments and feedback contact: editorial@rttnews.com

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Article written by Joji Xavier, and posted on the RTT News.com website.

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Why Bitcoin BTC is in a Free Fall and the Key Support Levels to Watch

Why Bitcoin (BTC) is in a Free Fall and the Key Support Levels to Watch

Bitcoin (BTC) has dropped hard in the last 12 hours, breaking several support zones in the process.

In brief:

  • Earlier today, Bitcoin (BTC) was trading at $7,900.
  • The King of Crypto seems to be in a free-fall associated with the global impact of the Coronavirus.
  • Key support zones have been lost, including $7,800, $7,500, $7,300, $7100, $6,900, $6,500, $6,300, $6,100 and $5,800.

Bitcoin (BTC) is in a free-fall since 00:00 UTC. The first few minutes of March 12th, 2020, found the King of Crypto trading at $7,900 with relatively good support at the $7,800 area. However, with the battle against the Coronavirus ongoing on a global scale and the lockdown of Italy and quarantine measures across Europe and the United States, things look thick for not only the crypto markets but the general global economy. BTC is currently trading at $5,500 at the time of writing this.

Key Bitcoin Support Levels Lost in an Instant

In approximately 12 hours, Bitcoin (BTC) has lost the following key support zones: $7,800, $7,500, $7,300, $7100, $6,900, $6,500, $6,300, $6,100 and $5,800. Further checking the daily chart, the only support levels left, are $5,500, $5,300, $5,100 and $4,900 before we retest levels in the lower $4,000. If it comes to the latter situation, Bitcoin (BTC) will probably retest December 2018 levels in the $3,000 range.

Also to note, is that the current price of BTC is below the 50 (white) and 100 (yellow) daily moving average as illustrated in the chart below.

Why Bitcoin is in a Free-fall

It is self evident that the global financial markets are in turmoil due to the following reasons:

  • The rapid spread of the Coronavirus from its epicenter in Wuhan.
  • Manufacturing in China on a standstill due to quarantine measures in the country.
  • Oil price wars between Saudi Arabia and Russia.
  • The World Health Organization officially categorizing the Coronavirus as a pandemic.
  • Italy on total lockdown to curb the spread of the pandemic.
  • President Trump halting air-travel between the United States and Europe.
  • Multiple schools closing in the United States and Europe.
  • The NBA being suspended after a Utah Jazz player tested positive with COVID19.
  • Hollywood star, Tom Hanks, and his wife, announcing they have contracted the virus.

In summary, the Coronavirus effect on the global economies has been the ultimate test for Bitcoin since its first block was mined in 2009. In a period of one week, we have confirmed that the digital asset is heavily correlated to the traditional stock markets as well as global events associated with the Coronavirus.

Key Levels to Watch for Bitcoin (BTC)

As earlier mentioned, Bitcoin (BTC) is on a trajectory to retest support levels at $5,300, $5,100 and $4,900. If these areas do not hold for the King of Crypto, we will be looking at situations similar to December 2018 where BTC bottomed out around $3,100. However, there is a slight possibility that it could go lower and retest June 2017 levels of $2,100.

(Image courtesy of Kamil Pietrzak on Unsplash)

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe

Visit MarketHive to learn more: http://markethive.com/jeffreysloe