Price AnalysisBitcoin

Bitcoin (BTC) Falls by 50%; Proves its Inherent Volatility

After a perplexing trading duration since the start of the year, Bitcoin crashes like crazy in just minutes. This abominable performance has shed millions of investor wealth from all around the world as the markets crash profoundly. Digging deeper, the stock market, oil market happens to be no exception, and there withstands the novel Coronavirus jeopardizing the human community.

Had any virus been so deadly to hit the economy so hard within a span of just 15 minutes? Crypto community woke up to a wrecked market, in the wee hours of the morning.

Alas! Important to note that the king of cryptocurrency—Bitcoin fell below $4,000 and has already given a low price to target a 52-week soon if such momentum continues. Moreover, time would have never felt so expensive until we saw BTC shedding 13% in 13 minutes. What a sync though!

Bitcoin News
BTC/USD Chart By TradingView

BTC against the US Dollar extends its dip from the highest trading price of $7,999 to the lowest in the past 24 hours at $3,871.49, the coin records over 50% regression. Bitcoin has recorded a fall of over 45% from the opening price of the year.

What a Traitor, we believe!

Just when we believed that 2020 is likely to be marked as the year to remember for the crypto investors and lovers, little did we realize that it was just an illusion. Presently, BTC/USD is a very broken chart and holds high volatility on hand. Unfortunately, as per the current trading price of the coin at $5,200, the newest support level is $4,000. Aligning the same, there happened to be the quickest recovery after hitting bottom at $3,800 within just 15 minutes as the price broke above $4,000 and $5,000 in nanoseconds.

Do we really conclude that 2020 is off to make people experience the vociferous roller coaster ever? Well, too early to conclude, but the volatility remains intact.

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Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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