The price of Bitcoin (BTC) held at $ 9,000 on March 6 as the spread of the corona virus continued to devastate traditional markets.
Bitcoin flips $ 9,000 from resistance to support
Data from Coin360 and Cointelegraph Markets painted a vibrant picture for the BTC / USD pair on Friday, the pair reached a daily high of $ 9,190.
After reclaiming the $ 9,000 mark a day earlier, this level acted as an overnight support, with Bitcoin hovering around $ 9,100 at the time of writing.
In contrast, the stock market continued to witness turmoil to end the week. The Dow Jones index – which has just recovered slightly from its historic losses last week, has dropped another 1,000 points to 26,100 points.
While the outbreak of corona virus has not shown signs of slowing down, or has even spread to new countries, the markets everywhere are again feeling tense.
For CoinTelegraph filbfilb analyst, Bitcoin's overall volatility and mixed reaction to the corona virus means it is not suitable to assume a complete bullish position.
“Scanners are telling us that they are generally still very cautious despite a good breakout,” he wrote on his Telegraph trading channel, while consulting his own Bitcoin price analysis tool.
“If I had to guess based on price action, then I think it could dump a little more to touch below $ 9k, then pump and dump back into $ 8ks.”
Filbfilb adds that the higher levels of nearly $ 10,000 are a “much more interesting” trading opportunity.
Van de Poppe: the goal of BTC “is likely” is $ 9,400
Meanwhile, analyst Michaël van de Poppe is more optimistic. He predicted a break above $ 9,150 for Bitcoin would trigger a pump that is several hundred dollars higher.
“The $ 8,950-9,000 level has been turned into support and it is currently stuck in a range,” he wrote Twitter.
“Break above $ 9,150 and we will see the price run to $ 9,400 (likely to appear).”
On the contrary, if the BTC / USD pair fails to hold the $ 9,000 level, van de Poppe expects the price to fall to the range between $ 8,400 and $ 8,600.
As Toiyeubitcoin reported, various commentators are expecting Bitcoin to exhibit short-term price power. Hash rate – a traditional metric driving price performance, hit a new record high this week, while the halving of May could also prove to be the catalyst for price increases.
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According to CoinTelegraph
Translated by ToiYeuBitcoin
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