Bitcoin Price Analysis: BTC/USD Recovery Targets $7,000 Unbothered By The Coronavirus
- The Coronavirus menace fails to slow down Bitcoin price recovery above $6,000.
- Bitcoin price prevailing technical picture has a bearish bias but support is expected at $6,000.
The king of cryptocurrencies, Bitcoin has in the last 24 hours epitomized the ability to recovery amid the ongoing Coronavirus menace. The largest crypto by market capitalization freefall under $4,000 last week left most investors angry, paralyzed and in shock. However, the surge above $6,000 has clearly shown that recovery to higher levels is possible even if COVID-19 continues to cause havoc across the world.
Coronavirus Worldwide Update
According to the live updates by worldometer, the Coronavirus cases currently stand at $245,652. The disease has caused 10,050 deaths worldwide so far. However, 88,437 people have been able to recover from the sometimes deadly virus. At the moment, 147,167 people are battling the virus with 95% of them in mild condition and 5% in critical condition. Lockdown, quarantines, travel bans have become the order of the day across the affected countries around the world.
Bitcoin Price Technical Analysis
Bitcoin price is trading at $6,150 at the time of writing. A weekly high has been formed at $6,400 leaving the region at $6,500 tested but unconquered. Initial support has been established at $6,000, allowing the buyers to focus on the psychological $7,000. The RSI failed to penetrate into the overbought region while its retreat towards 60 signals that sellers are gaining traction.
For now, the path of least resistance is downwards, however, the buyers have to defend the support at $6,000 to avert the risks of sliding into the $5,000’s range. Focus on $7,000 will keep them motivated while encouraging more buying entries. If push comes to shove and BTC/USD dives under $6,000, support is expected at the 23.6% Fibo, $5,500 and $5,000.
BTC/USD 4-hour chart
Bitcoin Key Levels
Spot rate: $6,150
Relative change: -25
Percentage change: -26%
Trend: Bearish
Volatility: High
Bitcoin price prevailing technical picture has a bearish bias but support is expected at $6,000.
Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
Published at Fri, 20 Mar 2020 03:59:33 +0000
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