Bitcoin, at the time of writing, was trading around $5,000 and is observed drawing higher lows after marking an apex at $20,000, followed by $13,000 and $10,000 in the recent past. Important to note that the BTC had recorded the highest trading volume bar during this recent collapse when the price slid below 200-day MA testing support at $3,800.
Bitcoin Price Analysis
Having a candlestick close below 200-day MA is a clear signal that we are shedding gains limitlessly, and a quick rebound is the only escape. As per the Bitcoin future predictions, the historical trend observed in BTC to USD price shows that the coin has time and again proved itself after slumping harsh and then running into a Bull Run.
However, not just BTC but the whole crypto market, Wall Street, which includes the major indices like Dow Jones, S&P 500, NASDAQ Composite, Asian markets have been facing a dearth of momentum and support. As the fears of Coronavirus and its outbreak outweigh, there have been severe global crises resulting in the investment system to slow down and turn red as we see the bottoms.