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Bitcoin Price Strongly Rejected at $6,000 After 15% Spike

Avatar Nick Chong 2 months ago

Despite it being a weekend, volatility has persisted in the Bitcoin market. After falling as low as $5,000 today, the cryptocurrency spiked 15% in minutes, rallying to $5,950 from $5,150 in an hour’s time. Unfortunately, BTC was unable to hold its gains, seeing a strong rejection at $6,000 to fall to $5,400 as of the time of writing this.

As reported by NewsBTC, all analysts are keeping their eyes on the charts, as Bitcoin is on the verge of closing under the ever-important 200-week simple moving average for the first time ever.

It seems that Bitcoin’s inability to hold $5,900 comes as a result of the crash in the futures of American stock indices, namely the Dow Jones and the S&P 500, which have posted losses of 4% as investors expect the economic effects of the novel coronavirus to continue to wreak havoc on businesses.

Indeed, on the weekend, President Trump revealed that he would be extending the travel ban from the Eurozone to the U.K. and Ireland too, further putting a damper on the economic outlook. Furthermore, France, Spain, Austria, other nations in Europe, and some states in the U.S. announced emergency measures, closing shops and other establishments to stem the spread of the virus.

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Nick Chong

Since 2013, Nick has shown interest in Bitcoin and cryptocurrencies. He has since become involved in the industry as a full-time content creator, working for NewsBTC, Bitcoinist, LongHash, among other outlets. Aside from covering...

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