The global markets have entered a full-fledged meltdown, with the major US stock indices all collapsing as Bitcoin (BTC) enters a firm downtrend that has so far led it to plummet into the $7,000 region.<\/p>\n
This global bearishness comes close on the heels of a bullish start to 2020, but the rapid spread of the lethal Coronavirus has struck fear<\/a> into the hearts of investors, leading them to flee so-called \u201crisk-on\u201d assets.<\/p>\n For Bitcoin, its status as a risk-on asset is seen while looking at investors\u2019 sentiment, which has reached \u201cextreme fear\u201d levels.<\/p>\n At the time of writing, Bitcoin<\/a> is trading down over 10% at its current price<\/a> of $7,800, which marks a notable decline from daily highs of $8,800.<\/p>\n This ongoing selloff has marked an extension of that which was first incurred a couple weeks ago when BTC plummeted below $10,000, with the break below the support that had been established here being a dire sign of what was to come next.<\/p>\n It now appears that the benchmark cryptocurrency has found some strong support at $7,700, as buyers have so far been able to post a strong defense of this level.<\/p>\n Cred, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that he hasn\u2019t seen selling pressure this aggressive in a while, although he further notes that the mid-$7,000 region does provide Bitcoin with some meaningful high-time-frame support.<\/p>\n \u201cBTC: Sellers have been very aggressive. Haven\u2019t seen so many clips of mkt orders unloaded like that in some time. Price at first meaningful HTF support (mid-$7000s weekly & monthly). HTF = can be patient. NOT buying first dip, will allow LTF structure (D1) to form first,\u201d he noted.<\/p><\/blockquote>\n $BTC<\/a><\/p>\n Sellers have been very aggressive. Haven\u2019t seen so many clips of mkt orders unloaded like that in some time.<\/p>\n Price at first meaningful HTF support (mid-$7000s weekly & monthly). <\/p>\n HTF = can be patient. <\/p>\n NOT buying first dip, will allow LTF structure (D1) to form first.<\/p>\n — Cred (@CryptoCred) March 9, 2020<\/a><\/p><\/blockquote>\nBitcoin Plummets Over 10% as Bullish Market Structure Quickly Degrades<\/strong><\/h2>\n
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