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Home Cryptocurrency news

Bitcoin Rejected From $8,000, Are Bears in Complete Control Over Crypto?

Tony Spilotro by Tony Spilotro
1 year ago
in Cryptocurrency news, Bitcoin
Reading Time: 3min read
bitcoin crypto
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Bitcoin has fallen to extreme lows this week, alongside the stock market. Fears over the coronavirus and a looming recession on the horizon have led to the year’s worst selloff.

However, this morning, a relief rally appeared to be in sight for bulls, however, shortly after Bitcoin breached back above $8,000, it was swiftly swatted down by bears, putting Bitcoin at risk of even deeper lows.

Bitcoin Can’t Hold $8,000 Just Weeks After Trading Above $10,000

Bitcoin is struggling to stay above $8,000, after just two weeks ago the asset was trading above the psychological level of $10,000.

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The cryptocurrency had been up by over 50% year-to-date before growing fears over the rapid spread of the coronavirus caused widespread fears to spill into financial markets.

The stock market fell to set its worst losses since the last recession, and Bitcoin, a high-risk speculative asset has followed the stock market in plummeting at light speed.

Related Reading | The Fate of Bitcoin Rests On This Seven-Year Secular Bull Market Support

Overnight Sunday night and into Monday morning, Bitcoin set a low at $7,600, before bouncing.

The rally looked to have legs as this morning Bitcoin shot up by $200 to break cleanly above $8,000.

But shortly after the level was taken, bears rejected Bitcoin back down to $7700 where it is currently trading.

Given that the cryptocurrency is failing to hold a level that was bought up with fury just a month prior, suggests serious weakness in the crypto market.

But why was this level so strongly defended by bears? According to one crypto analyst, the rise this morning was a bearish retest, that failed to flip resistance into support.

https://twitter.com/JacobCanfield/status/1237403076807532551

The recent price action suggests that Bitcoin is forming a parallel channel, much like it did throughout the end of February and into March.

Levels to Watch For Cryptocurrency Market Breakout or Further Breakdown

A breakout of this trading range will lead Bitcoin to either setting new lows, or finally getting a relief rally that is sustainable.

BTC 4hr:

New parallel channel? pic.twitter.com/KTigJvIR7H

— Nunya Bizniz (@Pladizow) March 10, 2020

The top of the range is set around $8,100, with the bottom of it around $7,700. Either level being taken out with multiple high timeframe candle closes will confirm the direction in the short-term.

Related Reading | How Fear and Greed in the Crypto Market Can Lead To Incredible Profit

Bitcoin is currently resting on its “miner’s bottom” which has acted as a launchpad for significant bounces in the past. Will this happen once again and will Bitcoin take off on a new bull market just ahead of the upcoming halving this May, or is Bitcoin doomed in the face of a recession and the coronavirus – a potential black swan event?

Tags: bearsbitcoincryptorejection
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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