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The $ 9,000 Bitcoin price beats the stocks when volatility and fiat crash

Businesses in Hong Kong began accepting Bitcoin as a way to combat the government

Bitcoin (BTC) continued to beat any competition on March 7, turning the $ 9,000 level into solid support as the corona virus continued to sabotage the stock and forex markets.

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

$ 9,000 provides solid support for BTC price

Data from Coin360 and Cointelegraph Markets shows that the BTC / USD pair trades above $ 9,000 on Saturday – recording the third consecutive day above this level.

At the time of writing, the BTC price is hovering around $ 9,130 ​​- which has been in a tight corridor since the price broke out of the $ 8,000 range on March 5.

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

Outperforming halving expectations, Bitcoin shows an increasingly safe bet as the week draws to a close. Meanwhile, the traditional market – which has just recovered slightly after serious losses, remained unstable on Friday.

Initially, the stock market was heavily influenced by the corona virus spread – the Dow Jones fell 1,000 points in just 24 hours on Wednesday, erasing the gains it made after a historic dump. last week.

However, after central banks launched bailout packages to reduce the impact of the corona virus, it was the national fiat currencies' loss. As Toiyeubitcoin reported, declining rates and oil production wars have seen the value of major / minor fiat currencies slide.

The Brazilian Real is the worst performing fiat in general, currently trading at unprecedented lows against the US dollar on Friday.

Analysts count down the time to halving

Bitcoin, meanwhile, is said to be able to make additional profits to reach $ 9,400, analysts said they expect the rise of the king's coin to strengthen before the halving event in May.

This week, veteran trader Tone Vays described the opportunity for the BTC / USD pair to trade at a higher level than before, as “very likely”.

"In 2017, people were calling for $ 10,000 for #bitcoin," said CoinTelegraph analyst Keith Wareing write on Twitter when describing the mood of current market participants.

"When it was finally achieved, it only took 20 days to reach $ 20,000. Now in 2020, many people are calling for $ 100,000 for #bitcoin. "

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According to CoinTelegraph
Translated by ToiYeuBitcoin

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