Copy link
Increase text size
Decrease text size
Link copied

Bitcoin price drops to $9.3K due to Coronavirus and overbought conditions

Image by Zach Copley from Flickr

Wed, 26 Feb 2020, 07:52 am UTC

Bitcoin (BTC) price has dropped below the $9,400, which was labeled by analysts as crucial support, Cointelegraph reported.

On Feb. 25, bitcoin’s price dropped another 3.07% marking its second day of losses. The price is at $9,350. If the price will continue to drop below $9.089, the next level of support can be found at the 200-day moving average which aligns with a high volume VPVR node at $8,800. However, if that happens, it will discard approximately 16% of the 21% gain bitcoin has made since rising from $8,327 to $10,500 on Feb. 13.

According to the report, the losses in the crypto market came in tandem with coronavirus fears. The US benchmark S&P 500 index recorded its worst daily performance on Monday in the last two years while the European benchmark Stoxx 60 surrendered its 2020 gains to Coronavirus fears. The virus affects the sentiments of the investors and scares them away from the risk-on markets, News BTC reported.

Overbought conditions also affect the price of BTC. Bitcoin and altcoins had become overbought in the past weeks after crypto whales overbought crypto coins when bitcoin’s price moved up from $6,400 to $10,500.

According to crypto trader contributor Scott Melker, investors should consider that “The assets that are overbought and have had the largest recent gains are the ones that have the furthest to fall before finding meaningful support.”

Despite the bitcoin trend today, analyst Van De Poppe sees maturation in the whole process.

“This market is still highly speculative and conditions can turn on a dime, but taking a step back we are beginning to see some maturation as the level of sophistication across investors and traders increases,” he said.

“The latest rally in the crypto market is quite a bit different from what we saw last year when BTC led most alternative crypto assets. The shift in leadership this year has favored other large and mid-cap names, many of which drastically underperformed BTC over the last year.”

Bitcoin trading isn’t exactly the same as stock trading and it is not for the faint of heart. One has to understand the candlestick charts to predict future price rises and falls because buying bitcoin randomly is the easiest way to lose money.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • rachelm
  • 2020.03.04 23:38:18
All these binary options, trading and cryptocurrency companies are scams, I lost a huge amount of money. Things have turned out good for me, being that I was able to recover my money thanks to a recovery pro. You can reach me if you're interested in finding out how I recovered everything I lost. Rachelmillr4 {at} gmail dot com
  • 0
  • ·
  • 0
  • Bitcoin (BTC) $9,180.44 (-0.72%)
  • Ethereum (ETH) $238.02 (-1.03%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $226.76 (-1.35%)
  • Cardano (ADA) $0.130500 (-0.85%)
  • Bitcoin (BTC) $9,180.44 (-0.72%)
Feb 21, 2020 (Friday)
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
Brazil to launch new payment system in response to cryptocurrencies
Digital currency exchange Coinbase Pro lists Kyber Network token
Norwegian Air to soon start accepting crypto payments
Swedish central bank begins CBDC pilot with Accenture
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
Telecom companies complete cross-carrier mobile payments using blockchain
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
South Korean ICO project discontinued, to return $7.5M to token holders
Samsung maintains crypto support in soon-to-launch Galaxy S20
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
Coinbase becomes first crypto company to receive Visa principal membership
Dubai Economy and six banks launch KYC Blockchain Consortium
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.