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Bitcoin price remained at $ 8,700 when the global market recovered strongly

Bitcoin price is at risk of falling to $ 6,100 after the support puncture

Bitcoin (BTC) continued to fluctuate around the key 200-day moving average on March 3 when traders expressed interest in the traditional market.

Overview of the daily cryptocurrency market. Source: Coin360
Overview of the daily cryptocurrency market. Source: Coin360

BTC price shuns optimism

Data from Coin360 and Cointelegraph Markets shows that the BTC / USD pair had a less volatile Tuesday, at the time of writing, the price is trading at $ 8,750.

After gaining a profit of 3.2% on Monday, the price of Bitcoin expanded higher but failed to break out of the $ 9,000 resistance level. With prices around $ 8,800, the 200-day moving average is still a point to watch for traders.

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

While the crypto market is witnessing a gradual recovery, stocks and other traditional markets have recorded a sharp rally as the week begins. The Dow Jones index – which suffered the biggest loss of the day last week, then rose higher than any other trading session in history.

This development is accompanied by optimism on global markets after news that governments have planned to provide financial stimulus packages to boost the economy after the virus outbreak. corona. The US Federal Reserve is expected to cut interest rates significantly in 2020.

However, as Toiyeubitcoin reported, many commentators consider the behavior to be shortsighted and foolish.

“Something that tells me that when it comes to a global panic sell-off, interest rate cuts won't work,” said Mati Greenspan, an analyst at CoinTelegraph. write on Twitter on Tuesday.

Reaction stimulating market “unbelievable”

Startup investors Eric Dadoun Agree with the opinion of Greenspan.

“It can be said that this really only makes the macro problem worse,” he replied.

“Short-term? Oh my, it looks like the market doesn't care and is happy to keep the party going a little longer before the last call. Unbelievable.”

Although the corona virus's impact on Bitcoin is still a controversial topic, financial uncertainty seems to have weighed on the vibrant investment stores previously. CME Group's Bitcoin futures volume has dropped by 80% compared to the previous month.

At the same time, the technical fundamentals for the Bitcoin network remain strong. On Monday, as Toiyeubitcoin reported, Bitcoin's hashrate reached a new all-time high, which showed that miner's sentiment continued to be positive.

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According to CoinTelegraph
Translated by ToiYeuBitcoin

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