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

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.

Article reposted on Markethive by Jeffrey Sloe

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

Why Bitcoin (BTC) and Crypto Provide the Best Alternative to Banknotes Aiding in the Spread of the Coronavirus

Physical money has been linked to the spread of the Coronavirus. Using Bitcoin (BTC) and cryptocurrencies might reduce the risk of contracting the virus.

In summary:

• Contaminated banknotes have been linked to the spread of the Coronavirus.
• The World Health Organization has advised the use of contactless payments to avoid chances of contracting the virus.
• China was the first country to establish a link between banknotes and the spread of the Coronavirus.
• Bitcoin (BTC) and other cryptos can provide an alternative to paying with physical cash.

Earlier this year, Chinese banks were the first to start disinfecting banknotes through the use of ultraviolet light or high temperature in an attempt to stop the rapid spread of the Coronavirus in the country. A spokesperson of the World Health Organization has now advised the use of contactless payments in a bid to curb the spread of the Coronavirus through contaminated money. The Bank of England has also confirmed that "dirty money" can transfer bacteria and viruses to owners and end recipients during transactions. With the Coronavirus having a global infection rate of 121,175 confirmed cases and claiming the lives of 4,377 individuals at the time of writing this, Bitcoin (BTC) and in general, all cryptocurrencies, provide an alternative to using physical banknotes for the payment of goods and services.

Bitcoin (BTC) and Crypto Provide the Best Alternative

The exchange of BTC and other cryptocurrencies such as ETH, XRP, and LTC, is truly a contactless event. All the user needs is the corresponding address of the person they want to pay. They can also scan QR codes that are embedded with the aforementioned crypto address of the recipient.

Payment processing apps that offer merchant services such as Pundi X, Bitpay, CoinPayments and Coinbase Commerce, provide businesses with avenues of accepting Bitcoin and other cryptos for their online and onsite stores. This, in turn, bypasses the need to use physical cash for the payment of goods and services.

Whether paying directly via the use of a crypto address or through a crypto merchant service provider, going completely contactless will lessen the risk of contracting the Coronavirus through potentially contaminated banknotes in circulation. As a result, the risk of contracting the infection is drastically reduced.

The use of Bitcoin and cryptocurrencies will also bolster the awareness that digital assets are legal tender. Countries such as France, Germany, Australia, Japan and South Korea, have acknowledged that BTC and other cryptocurrencies are a form of money. Therefore, citizens of these countries that are also hard hit by the Coronavirus, can instantly switch to contactless payments through digital assets.

(Image courtesy of Unsplash.com)

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.

Markethive Advertisement

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

Article re-posted on Markethive by Jeffrey Sloe

Bitcoin Gains Amid Stock Market Crash

By Joji Xavier | Published: 3/6/2020 10:01 AM ET

Bitcoin stayed strong when the equity markets across the world crashed this week over coronavirus concerns.

Unlike the previous week, when the most popular cryptocurrency reflected the weakness in shares and bond yields, Bitcoin m

From $8500 last Friday, it has added $500 to its value.

Bitcon is trading at $9079 as of this writing, 7 percent up from the month’s opening price.

Bitcoin’s downward journey continued until the last day of February. It was for the first time since 2014 that it failed to make gains in that month. But the trend reversed after it entered the new month.

Ether also improved its strength in the past seven days.

From $234 last Friday, the second most popular cryptocurrency rose to $240, nearly 6 percent increase in its value.

Currently, Ether is trading at $237.

On Friday, Bitcoin has a market capitalization of $166.12 billion, and a 24-hour trade volume of $40 billion, according to CoinMarketCap.

Ether has a market of capitalization $26.12 billion, and a 24 hour trade volume of $19 billion.

For comments and feedback contact: editorial@rttnews.com

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

Article reposted on Markethive by Jeffrey Sloe

Bitcoin Not Affected as US Fed Prints Equivalent of 9.8M BTC in 1 Day

Image courtesy of CoinTelegraph

            MARCH 07, 2020

The United States Federal Reserve has funneled the equivalent of half the entire Bitcoin (BTC) supply into the economy — but banks want even more money.

As the New York Fed confirmed on its website, so-called repurchase operations, or “repos,” totalled $89 billion on March 5 alone.

Coronavirus sparks liquidity scum

Repos are designed to provide temporary liquidity to lenders. As Cointelegraph previously noted, the practice is akin to conjuring fiat value out of thin air.

The Fed was reacting to economic weakness in the face of coronavirus, having already cut its interest rate target significantly this month.

Thursday's liquidity spree was equal in value to approximately 9.8 million BTC — over half the total mined supply.

The overall demand for repo cash in recent weeks has meanwhile exceeded even the Fed's own limit, the Wall Street Journal added on Friday.

Bitcoin commentators were already quick to sound the alarm over the health of the fiat economy, based on money that has no intrinsic value and which is not backed by any verifiable asset.

“Cut interest rates and print money. These are the tools of central banks,” Morgan Creek Digital co-founder Anthony Pompliano summarized last week.

More dollars, not more value

The coronavirus outbreak has highlighted the systemic instabilities of traditional markets. Stocks have seen historic volatility, while rate decreases and a drop in oil consumption saw many countries' fiat currencies hemorrhage value.

Such fragility puts “hard” money such as Bitcoin in the spotlight. In a world which uses money with a verifiably limited supply which is impossible to manipulate, there is neither a need for foreign exchange markets, nor for “management” of the economy by central banks.

Bitcoin's reliable supply means that it has a high stock-to-flow ratio. The creator of an accompanying model using stock-to-flow has shown that it is co-integrated with Bitcoin's price and that that should, therefore, hit $100,000 at some point in 2021.

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

Article re-posted on Markethive by Jeffrey Sloe