{"id":416910,"date":"2020-03-04T17:00:45","date_gmt":"2020-03-04T17:00:45","guid":{"rendered":"https:\/\/uniquehot.com\/?p=416910"},"modified":"2020-03-04T14:51:17","modified_gmt":"2020-03-04T14:51:17","slug":"analyst-bitcoin-new-lows-recession-coronavirus","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/analyst-bitcoin-new-lows-recession-coronavirus\/","title":{"rendered":"Analyst: Two Lower Boundaries Protect Bitcoin From New Lows"},"content":{"rendered":"

Bitcoin<\/a> has been falling over the last couple of weeks following mounting concerns over the spread of the coronavirus and its potential impact on the global economy.<\/p>\n

But how low can Bitcoin go? According to one analyst, there are two lower boundaries below current levels that should provide support for the cryptocurrency. However, if either one is breached, it could signal to investors that the long-term trajectory and health of the asset is in grave danger.<\/p>\n

Recession Fears Are Fueling a Market Wide Panic Selloff<\/h2>\n
Bitcoin<\/a>, like any other financial asset right now, is dropping in price as investors de-risk amidst growing concerns over a coming economic recession fueled by a possible pandemic if the coronavirus continues to spread like wildfire<\/a>.<\/p>\n
Even an emergency rate cut by the Fed yesterday<\/a> failed to produce a significant rally in Bitcoin, which typically responds favorably to such conditions.<\/p>\n
But growing fear, uncertainty, and doubt over the virus have proven to be too much to restore confidence in investors, who are also dumping their stock holdings at record rates<\/a>.<\/p>\n
Related Reading | Stock Market, Bitcoin, and Gold: Everything Is Collapsing Together<\/a><\/strong><\/em><\/p>\n
While the stock market<\/a> just saw its worst week since the recession, Bitcoin, an asset born from the last recession has held up relatively well.<\/p>\n
Bitcoin has dropped from yearly highs of $10,500 to as low as $8,400, however, given the asset\u2019s prior collapses from $20,000 to $3,000 and again from $14,000 to $6,000, the selloff hasn\u2019t reached the point of total carnage yet.<\/p>\n
And while that may still be possible, one analyst says that there are two important lower boundaries that will likely prevent Bitcoin<\/a> from further decline.<\/p>\n
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3\/ 2yr MA accumulation level at $7.3k.<\/p>\n
It would be a market cycle first if $BTC<\/a> closed below that indicator at this point in the cycle, but that doesn't mean it can't happen. pic.twitter.com\/I92FVifv0T<\/a><\/p>\n
— Philip Swift (@PositiveCrypto) March 3, 2020<\/a><\/p><\/blockquote>\n