Does the Coronavirus (Covid-19) make BTC to rise?

[angell134]

These days most news about Covid-19 and  crypto market have  nose-diving this week, most important question is crypto markets will recover or continue on a downward spiral next week

Take a look at the technical indicators:

     MACD in 4-hour timing: It is about to enter the bearish range.
     The RSI index is at the 1-hour timeframe: below 40 , which tends to strong sell.
     Important support: $ 8500
     IMPORTANT RESISTANCE: $ 9200

[pooya87]

crypto market have  nose-diving this week, most important question is crypto markets will recover or continue on a downward spiral next week

a lot of the shitcoins were pumped in the week before the current ongoing altcoin dump so it is expected to see a big altcoin dump like this going on. if you look at the charts you can see bitcoin was stable in those weeks which explains the altcoin pumps and now that bitcoin had a small drop the altcoin panic dump mode activated hence the big dumps everywhere.

none of it has anything to do with covid19 though! if anything we should have seen a bitcoin price rise during all these altcoin dumps.

[angell134]

crypto market have  nose-diving this week, most important question is crypto markets will recover or continue on a downward spiral next week

a lot of the shitcoins were pumped in the week before the current ongoing altcoin dump so it is expected to see a big altcoin dump like this going on. if you look at the charts you can see bitcoin was stable in those weeks which explains the altcoin pumps and now that bitcoin had a small drop the altcoin panic dump mode activated hence the big dumps everywhere.

none of it has anything to do with covid19 though! if anything we should have seen a bitcoin price rise during all these altcoin dumps.

so i agree your opinion before bTC dump but i think fundamental reason for dump  is Covid-19
i hope bitcoin take attention because bitcoin don't need disinfection

[Gozie51]

For me the indicators being analyzed are not reliable but what I'm looking at is the resistance level at $9,200. This point is important and from the look of it all, it still looks bear. For the corona virus issue, maybe is a reason too for dumping. Hodlers can sell off to recover some money for sustaining their health.

[The Sceptical Chymist]

I can't figure out why this coronavirus scare is affecting the markets so much--people are saying that it's going to negate all corporate earnings for 2020 and crap like that, but I don't see how it's possible to have nearly that kind of an effect on the economy.  Investors are obviously scared, though--that much is real.

As far as bitcoin goes, I'd point out that it's still around $8500 and that isn't bad at all.  Yes, it took a little nosedive from its 2020 high but it's not like it crashed back down to $3k or anything like that.  I'm hoping the general fear will subside and that the world of medicine will get the spread of the virus under control--and that the media stops feeding the fear, which they obviously love to do.

In the meantime, use hand sanitizer liberally.

[jhonjhon]

I think there's already a topic similar to this but it was linked to the USA and Iraq feud and now since the latest hot news is about COVID-19 so they linked it to the virus now. In my opinion, the virus outbreak has an effect on the economies performance of country thus it will slightly affect bitcoin's price but saying that this virus outbreak is one of the major contributor of the sudden price decrease is not true at all. Bitcoin has been like this even before the outbreak so regardless of whatever new there it will always be like this.

[angell134]

For me the indicators being analyzed are not reliable but what I'm looking at is the resistance level at $9,200. This point is important and from the look of it all, it still looks bear. For the corona virus issue, maybe is a reason too for dumping. Hodlers can sell off to recover some money for sustaining their health.

yea indicators some time being analyzed are not reliable  but we cannot ignore them  and In my opinion, people are better off using bitcoin for payment and not using paper money in a situation where the virus is spreading quickly.

[qwizzie]

I can't figure out why this coronavirus scare is affecting the markets so much--people are saying that it's going to negate all corporate earnings for 2020 and crap like that, but I don't see how it's possible to have nearly that kind of an effect on the economy.  Investors are obviously scared, though--that much is real.

We live in an global market, with huge supply chains from a lot of countries to and from China / Asia / Singapore / South Korea.
Those supply chains come under pressure, due to this virus and the measurements that are taking by countries to combat it.

The rest of the world is still playing catch up with this virus, which could bring even more supply chains in danger.
That is why its affecting the markets so much, several major tech companies are already bringing down their profit expectations due to this virus and their supply chains it
threatens. Just look at Apple who now face problems manufacturing its Iphones in China, possibly having to delay the launch of its new Iphone models.

Other companies are in the process of relocating from China to other countries, but are still relying on sub parts coming from China.
It will take a lot of time to create new supply chains.

Link : https://www.wsj.com/articles/world-economy-shudders-as-coronavirus-threatens-global-supply-chains-11582474608?mod=hp_lead_pos1

[Leviathan.007]

I can't figure out why this coronavirus scare is affecting the markets so much--people are saying that it's going to negate all corporate earnings for 2020 and crap like that, but I don't see how it's possible to have nearly that kind of an effect on the economy.  Investors are obviously scared, though--that much is real.

As far as bitcoin goes, I'd point out that it's still around $8500 and that isn't bad at all.  Yes, it took a little nosedive from its 2020 high but it's not like it crashed back down to $3k or anything like that.  I'm hoping the general fear will subside and that the world of medicine will get the spread of the virus under control--and that the media stops feeding the fear, which they obviously love to do.

In the meantime, use hand sanitizer liberally.

Totally agreed with you, the fear is real since the current downtrend made us worry to even think about to selling all the bitcoins we have.
But these are all sensual actions by some people when have no idea about the market and the acting of the price.
According to my experiences I can ensure you the price will again and having one bitcoin will be a great wish for everyone soon.

[Wexnident]

Uhhh, BTC is pretty fine imo. I mean , if we took a look at the market, it was a full month of BTC reaching from $7k to $10k. Without any kind of retaliation, I really doubt the push would have been natural. You could say it's a correction of sorts, one that well, pushed BTC back quite a bit. Still, we're still relatively well tbh. 3 months in an we have an increase of $1.5k from the start, pretty good if I do say so myself .

We live in an global market, with huge supply chains from a lot of countries to and from China / Asia / Singapore.
Those supply chains come under pressure, due to this virus and the measurements that are taking by countries to combat it.

The rest of the world is still playing catch up with this virus, which could bring even more supply chains in danger.
That is why its affecting the markets so much, several major tech companies are already bringing down their profit expectations due to this virus and their supply chains it
threatens. Just look at Apple who now face problems manufacturing its Iphones in China, possibly having to delay the launch of its new Iphone models.

Other companies are in the process of relocating from China to other countries, but are still relying on sub parts coming from China.
It will take a lot of time to create new supply chains.

Isn't that the point why the fear is unwarranted? Especially if you look at how most of the stock market is based on the US, and how Bitcoin is a crypto, a place entirely unaffected by the virus. Even if we say the miners are affected, like look, miners are technically just machines, so why the huge effect? It's more about feat instead of anything else. Yes, the economy was hit, but only on a scale where those with physical interactions are mostly affected. There's also the fact that most news regarding the market and the virus is over the top, so yea.

[angell134]

I can't figure out why this coronavirus scare is affecting the markets so much--people are saying that it's going to negate all corporate earnings for 2020 and crap like that, but I don't see how it's possible to have nearly that kind of an effect on the economy.  Investors are obviously scared, though--that much is real.

As far as bitcoin goes, I'd point out that it's still around $8500 and that isn't bad at all.  Yes, it took a little nosedive from its 2020 high but it's not like it crashed back down to $3k or anything like that.  I'm hoping the general fear will subside and that the world of medicine will get the spread of the virus under control--and that the media stops feeding the fear, which they obviously love to do.

In the meantime, use hand sanitizer liberally.

yeah i think minimum price of BTC  is $8200 i hope so   
The link below is an analysis of the corona virus growth process
https://i.imgur.com/Dmd3yhZ.png

[qwizzie]

I can't figure out why this coronavirus scare is affecting the markets so much--people are saying that it's going to negate all corporate earnings for 2020 and crap like that, but I don't see how it's possible to have nearly that kind of an effect on the economy.  Investors are obviously scared, though--that much is real.

As far as bitcoin goes, I'd point out that it's still around $8500 and that isn't bad at all.  Yes, it took a little nosedive from its 2020 high but it's not like it crashed back down to $3k or anything like that.  I'm hoping the general fear will subside and that the world of medicine will get the spread of the virus under control--and that the media stops feeding the fear, which they obviously love to do.

In the meantime, use hand sanitizer liberally.

yeah i think minimum price of BTC  is $8200 i hope so  
The link below is an analysis of the corona virus growth process

You can also check :

https://gisanddata.maps.arcgis.com/apps/opsdashboard/index.html#/bda7594740fd40299423467b48e9ecf6



https://www.supplychaindigital.com/supply-chain-management/how-are-global-supply-chains-managing-coronavirus

Apple

The global tech giants, Apple, has warned of global “iPhone supply shortages” resulting from its Chinese factories closed due to the outbreak. Apple manufactures the majority of its iPhones and other products in China, and the coronavirus’s increasing presence has caused the firm to halt production and close retail stores in China. In a press release, Apple confirmed it would not meet its Q1 revenue target of US$63-67bn. “Work is starting to resume around the country, but we are experiencing a slower return to normal conditions than we had anticipated,” read the press release. “As a result, we do not expect to meet the revenue guidance we provided for the March quarter.”

McDonald’s

In a recent earnings call, Chris Kempczinski, McDonald’s president and CEO, commented: “The situation in China is fluid and concerning. Right now, as you would expect, our priority is on our employees and customers and ensuring we do everything we can to ensure they’re safe and taken care of.” At the end of January, McDonald’s closed approximately 300 restaurants in China, however, Kemczinski stressed that “3,000 restaurants in China remain open.”

Burberry

The coronavirus could cost the luxury industry over US$40bn in revenue. Companies such as Burberry, Ralph Lauren, Coach and Capri Holdings have already told of the significant impact the deadly virus has had on business. Burberry has closed 24 of its 64 total stores in mainland China, while the other 40 remain open on reduced hours and with substantial footfall declines. Speaking to Business Insider, Burberry CEO Marco Gobbetti said: “The outbreak of the coronavirus in mainland China is having a material negative effect on luxury demand. While we cannot currently predict how long this situation will last, we remain confident in our strategy.”

[Dart18]

IMO, it is not connected with any virus at all.
Even with that viral sickness that had been spreading.

Why does it have to be always about China?
Before, just because of their President talking about blockchain then people starting to speculate it is also the reason for bitcoin growth.
And now this? Why not look at how the financial industry is going. Stocks are down and other issues about finance. Maybe that is the nearest we could get to reason out all this events.

[angell134]

IMO, it is not connected with any virus at all.
Even with that viral sickness that had been spreading.

Why does it have to be always about China?
Before, just because of their President talking about blockchain then people starting to speculate it is also the reason for bitcoin growth.
And now this? Why not look at how the financial industry is going. Stocks are down and other issues about finance. Maybe that is the nearest we could get to reason out all this events.

Totally wrong!
If these are not related then explain me how exactly the downtrend started in the same phase of time that Corona was started to get spread?
Also the other reason is to paying attention to the start point of the virus. Had the same location of the bitcoin start point!
In the other hand, you just Imagine the greatest power in the world currently is the USA itself, now people are selling USD for BTC... so the US government won't just sit and watch the price of USD falling down.
Of curse these are all just theories but which one is true? this is the million dolor question!

[Harlot]

I can't figure out why this coronavirus scare is affecting the markets so much--people are saying that it's going to negate all corporate earnings for 2020 and crap like that, but I don't see how it's possible to have nearly that kind of an effect on the economy.  Investors are obviously scared, though--that much is real.

As far as bitcoin goes, I'd point out that it's still around $8500 and that isn't bad at all.  Yes, it took a little nosedive from its 2020 high but it's not like it crashed back down to $3k or anything like that.  I'm hoping the general fear will subside and that the world of medicine will get the spread of the virus under control--and that the media stops feeding the fear, which they obviously love to do.

In the meantime, use hand sanitizer liberally.

The “market scare” only started the drops in prices but the reason of China's conditione worsening is there. Like what I have said in my previous posts related to the COVID-19 affecting stock prices it's relationship towards US companies are big in a way that US Companies that has factories in China are affecting their production which affects their revenue potential. Not only that as it also affects their revenue directly in a way that China is one of their biggest markets. Bitcoin right now doesn't show any signs that it was affected by the coronavirus as Bitcoin was due for a correction when it was overbought at the mid-week of February, the news connecting the outbreak and Bitcoin prices falling down are only misleading us.

[angell134]

The “market scare” only started the drops in prices but the reason of China's conditione worsening is there. Like what I have said in my previous posts related to the COVID-19 affecting stock prices it's relationship towards US companies are big in a way that US Companies that has factories in China are affecting their production which affects their revenue potential. Not only that as it also affects their revenue directly in a way that China is one of their biggest markets. Bitcoin right now doesn't show any signs that it was affected by the coronavirus as Bitcoin was due for a correction when it was overbought at the mid-week of February, the news connecting the outbreak and Bitcoin prices falling down are only misleading us.

I think this price correction has been overwhelming, don't you think so?
It's less than 71 days away from Christmas and Bitcoin price  is under $ 10k

[schuriken]

     Important support: $ 8500
  

but bitcoin support as u said is already break and right now price is 8430 i think soon we going to see bitcoin in 8200 support 
but i hope bitcoin price stay like this and dont get under this price,and i think soon we see price will start to move and go to top.
and after covid-19 news around world i thought bitcoin support chould be 9200 and 9100 but price is on 8000k channel now and covid still a big news all around the world so the effect of this virus on markets still remains .

[angell134]

 but bitcoin support as u said is already break and right now price is 8430 i think soon we going to see bitcoin in 8200 support 
but i hope bitcoin price stay like this and dont get under this price,and i think soon we see price will start to move and go to top.
and after covid-19 news around world i thought bitcoin support chould be 9200 and 9100 but price is on 8000k channel now and covid still a big news all around the world so the effect of this virus on markets still remains .

i agree your opinion and the Plan B famous trader twisted about this
PlanB 's forecast is based on historical data that bitcoin prices are not moving beyond the 200-week moving average, so it can be concluded that bitcoin prices are likely to continue their downtrend and the new price floor will continue to decline. To register in 2020

[milewilda]

These days most news about Covid-19 and  crypto market have  nose-diving this week, most important question is crypto markets will recover or continue on a downward spiral next week

I cant really see on whats the correlation of this epidemic towards crypto market price specially with BTC.Towards my own view i dont really apply or imply these sentiments to my price analysis.
I would rather try to look on Technical analysis which is more worth to try on rather than relying on news which doesnt really give out relevant connection.Out of those TA's above
We are already on 8500 support and its either would hold up or there would be an another break down on this upcoming new week.

[Harlot]

~snip~

I think this price correction has been overwhelming, don't you think so?
It's less than 71 days away from Christmas and Bitcoin price  is under $ 10k

And don't you think that every time Bitcoin suddenly goes up like what it did early this year isn't overwhelming? Our market is always moving in the extremes as compared to other markets we have, that even if we are consolidating we are still moving around 4-5% daily. If you aren't used to this price movements then you aren't still suited to be in this market or at least be prepared for the nect price movements of Bitcoin.  Just keep in mind what I said earlier, if you thought that this price movement was “overwhelming” because it has something to do with the Coronavirus then you are wrong as BTC was bound to correct everytime it suddenly goes up.