Bitcoin DROPS to a 10-month low as the market crashes and loses over 20% in a blink of an eye. It looks like BTC and crypto market have tested positive for the novel COVID’19. The decline is rapid and sharp, which has confined the world economies as the stock markets shed point after point. Investors are gazing their money floating in front of their eyes; however, looking at the optimistic side, tis’ the time to buy and HODL.
Moreover, we cannot forget the golden rule of Bitcoin and crypto price change–the law of demand and supply, which is rightly ramping the economy. Not to forget, that price is rightly affected by the number of hands it changes in this open market. Every Buy and Sell is going to leave a distinct mark on the price.
Also, if this had to be put in a meme:
Literally Nobody: ……
Bitcoin Whales: Buy Until You Die!
The reason #bitcoin dumps aint same as for the stockmarket. I still believe we recover way faster.
— CryptOrca (@CryptOrca) March 12, 2020
Undoubtedly, not only the crypto market but the stock market is also facing a dearth of momentum worldwide, without any hint of when the market will improve. Social Media seems to be trending as BTC and crypto market crashed, where the crypto lovers are filled with the hope of getting back to track soon and believe this is the time to invest and enjoy the returns of investment for the rest of the life.
Pointing out the relevant statistics in comparison with the safest investment haven at present—Gold, which is still up by 8% from the YTD trading price, while Bitcoin is down by over 20% from YTD.
Does that mean Bitcoin is not living up to the hype that it is Digital gold? Very Controversial to answer any such question at this point in time.
Bitcoin Price Analysis
BTC price hits the 10-month support as it marks the lowest around $5,500. However, there happens to be a major difference when compared to the $5,500 that was marked then. The price was growing where we believed that the sky is the limit, unfortunately, now it seems to be on a return journey as the price of Bitcoin falls, and we just can’t predict that how deep it will dig.
Taking an emphasized look on the 8- hourly price movement of Bitcoin against the US Dollar, we see the coin has experienced a freefall from the trading price of $7,999 to a 10-month low at $5,500 within just no time. Turns strongly bearish as it hits through the lower 20-day Bollinger Band after 5 to 6 weeks of spiking momentum.