- Bitcoin price smashes below weekly support at $8,500.
- The force towards $8,000 is stronger than ever but the bulls intend to barricade $8,450.
Bitcoin price in tandem with the stock market in the United States, Europe, and Asia continues to bleed amid the heightened risks regarding the potentially catastrophic Coronavirus. Unlike expectations that Bitcoin will work as a safe-haven for investors in traditional markets in a time of duress like this, Bitcoin price continues to freefall.
At the time of writing, Bitcoin is trading at $8,460 after breaking the week’s support at $8,500. There was an attempt to surge towards $10,000 on Friday during the Asian session, however, Bitcoin hit a wall at $8,890. The crypto market has remained strongly bearish in the European session and the situation is unlikely to change throughout the American session, heading into the weekend.
BTC/USD daily chart
Bitcoin bulls are running scared and trying to barricade and find balance at the 50% Fib retracement level, taken between the last drop from 10,540 to a low of $6,434 around $8,450. The price is dancing at $8,464 amid an increasing bearish grip.
According to the RSI, the losses are likely to continue into the weekend. If $8,450 and $8,400 fail to hold, BTC/USD could correct lower to $8,200 or even $8,000. On the other hand, a reversal towards $9,000 will depend on Bitcoin’s ability to sustain gains above $8,500. More resistance is expected at the 200-day SMA and the 50-day SMA (above $9,000).
Bitcoin Key Levels
Spot rate: $8,451
Relative change: -359
Support: $8,450, $8,400, $8,200 and $8,000
Resistance: $8,500, $8,800 and $9,000