Bitcoin is risking declines<\/a> to as low as $6,500 as panicked sellers threaten to break a long-term support area.<\/p>\n The benchmark cryptocurrency plunged 0.62 percent on Wednesday, suggesting that its downside momentum is likely to extend further. The bearish sentiment followed a frantic week that saw bitcoin tanking from $9,214 to as low as $7,630<\/a>. It attempted a shy rebound on Tuesday but failed to transform the move into an actual recovery.<\/p>\n Experts gave plenty of reasons to justify the bitcoin’s $2,000-plunge: all from whale manipulation to PlusToken scammers<\/a> selling their steal. But the most-discussed among them was Coronavirus. The fast-spreading virus hammered down the global stock market<\/a>. Bitcoin fell in tandem, leading analysts to see a convincing correlation between the cryptocurrency and equities.<\/p>\n “It is very common in times of turmoil that investors sell their best performing investments rather than their worst,” said<\/a> Alistair Milne, CIO of Altana Digital Currency Fund. “Many can’t stomach selling at a loss. IMO this is why <\/span>Bitcoin<\/span> is currently ‘correlating’ (clearing out the weak hands) with <\/span>stocks<\/span>.”<\/span><\/p><\/blockquote>\n It is very common in times of turmoil that investors sell their best performing investments rather than their worst. Many can't stomach selling at a loss. <\/p>\n IMO this is why Bitcoin is currently 'correlating' (clearing out the weak hands) with stocks. <\/p>\n No. Free. Rides.<\/p>\n — Alistair Milne (@alistairmilne) March 10, 2020<\/a><\/p><\/blockquote>\n![\"bitcoin,](\"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/03\/Screenshot-2020-03-11-at-18.11.43.png?resize=860%2C500\")
<\/a>Fundamentals before Technicals<\/h2>\n
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