Bitcoin Drops $1,600 Amidst Global Uncertainty. What's next for BTC?

[cryptoadvocate]

Bitcoin is at an important juncture, sitting on weekly support and the 20 week moving average and yet the global markets seem poised for more downside. Will Bitcoin drop further or recover from here?

Full market thoughts here: https://www.cryptoadvocate.net/post/bitcoin-crypto-market-update-01-04-2020

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[Jating]

As you have said, we are still in the support region of 20 moving average so we are still good.

Those geo political happenings around us should not trigger the worst case scenario. We all know that we are very different from traditional markets, that's why crypto or bitcoin might be a good leverage for financial or even the pandemic scare of corona virus.

[carter34]

But I think what is happening globally on health is exposing the weakness of bitcoin as it has really caused the downslide of bitcoin and altcoins have really been on red since then. Well what next could be that more dump can be speculated as the corona virus gets stabilized, price will improve because investors fear will go off.

[hugeblack]

I agree with you, the price is still hazy, but let's not forget some positive signs:

 - Optimism about havling may lead some to buy more in the hope of a higher price.
 - Historically, Bitcoin performed well during the second quarter of each year.
 - The price was around $ 3,000 a few months ago so the current decline is just a correction.
 - There is no historical resistance at $ 8,000 to the downside, so we will either return to $ 9000 or $ 7000.

[alani123]

Today crypto also experienced some gains with most coins being Green. What's worrying to me  is that other major coins experience greater gains, but BTC is also in the green nevertheless. It's worth noting that there really wasn't any valid indication of support for levels above 10k USD so anyone claiming otherwise probably wasn't looking at buy/sell walls. Now the real test is lower level support and I think so fat BTC is showing good signs of support. If resistance subsides this time a rally would have better foundations to start on.

[batang_bitcoin]

Traditional and crypto markets made a decent gain for today and that should also be counted for what we are analyzing. But this doesn't mean that we should be confident because it's still unknown where it's heading.
I think we're on healthy recovery for this week.

[davis196]

Bitcoin is at an important juncture, sitting on weekly support and the 20 week moving average and yet the global markets seem poised for more downside. Will Bitcoin drop further or recover from here?

Full market thoughts here: https://www.cryptoadvocate.net/post/bitcoin-crypto-market-update-01-04-2020

Three days ago,some analysts were talking about a V-shaped price crash,which means big and fast crash,followed by fast price recovery.I don't agree with that.The price movements will be more like W-shaped.After the initial price crash there will be a small recovery followed by another price correction.Anyway,this is just a hypothesis and I'm not a guru,expert or market "oracle" analyst.
Based on what I hear in the news,the coronavirus panic is  slowly decreasing and the global stock markets will recover,crypto markets will follow this trend as well.

[GreatArkansas]

Nothing change. Since I introduced to Bitcoin few years ago, almost the same what I experienced every huge pumps or huge dumps.
But for now, especially when the global market also experience a huge dump and probably the reason is the NCOV 19/Corona virus, cryptocurrency market cap also experience negative dumps.

[Juggy777]

As you have said, we are still in the support region of 20 moving average so we are still good.

Those geo political happenings around us should not trigger the worst case scenario. We all know that we are very different from traditional markets, that's why crypto or bitcoin might be a good leverage for financial or even the pandemic scare of corona virus.

@Jating you’re absolutely correct as bitcoins have not been badly hit by Coronavirus in comparison to other assets, and in my personal opinion bitcoin prices can definitely recover in coming days hence I feel that we all should consider buying more bitcoins while it’s available at a cheaper valuation.

I agree with you, the price is still hazy, but let's not forget some positive signs:

 - Optimism about havling may lead some to buy more in the hope of a higher price.
 - Historically, Bitcoin performed well during the second quarter of each year.
 - The price was around $ 3,000 a few months ago so the current decline is just a correction.
 - There is no historical resistance at $ 8,000 to the downside, so we will either return to $ 9000 or $ 7000.

@hugeblack even I’m hoping that the halving event acts as a catalyst for bitcoin prices to shoot upwards, and yes bitcoin prices often tend to give good returns towards the end of the year e.g. the December 2017 bitcoin bulls rally.

[pooya87]

i still strongly insist that this recent drop (which is now over a week old) had nothing to do with coronavirus and all the dumps that have been taking place in other markets. this was a natural bitcoin market movement that we have seen duplicates of it multiple times in the past.
just scroll back to end of October 2019, end of June 2019, end of December 2018, first half of June 2017, first week of March 2017 and Jan 2017. all of these are the exact same situation as today. the ongoing trend is bull mode and price is on the rise then it reaches a strong resistance which it tries to break multiple times and fails. then there is a bigger drop like this (usually between 10% upto 30% drop) people panic and sell then after a while it picks up again and rises back up.
there was no "global uncertainty", no "virus outbreak" and no "stock market crashes" in any of those dozens of cases in the past couple of years alone.

[mahilchii]

In my opinion I will take this as an advantage and buy BTC before halving, basically crypto has only two ends either pump or dump. Most of them reveal the downfall is happening only because of corona virus which has impacted most of the countries, I really don't understand what this virus is suppose to do with crypto. Bitcoin is a pure gold just wait till halving then you will be amazed with its price.

[The Cryptovator]

I believe there was huge manipulation by whales about bitcoin prices. And that's the reason why we are encountering current volatility. Most likely they are getting prepare for halving pump. I was suspecting bitcoin price could dump up to $7K zone. But seems I was wrong. Currently price trend indicating for up but it's not strong enough still today. But overall we might say bitcoin also getting prepare for halving pump, it would require some new buyers.

[STT]

20 MA, on weeks ?   I see yearly and 200 day average are underneath the price currently so BTC getting back above is some positive.

We seem to have some closing of range possible or momentum of the 2 day average reflecting the recent rise but then weekly average at 8500 is a good marker for resistance possible there.  Maybe a break either way but for the moment I think it is positive.   If we lose these recent gains then possibly it turns more negative.

[traderethereum]

In my opinion I will take this as an advantage and buy BTC before halving, basically crypto has only two ends either pump or dump. Most of them reveal the downfall is happening only because of corona virus which has impacted most of the countries, I really don't understand what this virus is suppose to do with crypto. Bitcoin is a pure gold just wait till halving then you will be amazed with its price.

Using this time to buy bitcoin will always be a good idea, at least the price still below than $9k. You can get a low price right now, but you need to research before buying bitcoin because we never know if the price can stay at a price now or it will go down lower. I don't think that coronavirus affect the bitcoin price, but it is affected by all countries which every government is still searching more about the virus. I hope that everything will be fine, and bitcoin can increase again.

[sheenshane]

snip-
I don't think that coronavirus affect the bitcoin price, but it is affected by all countries which every government is still searching more about the virus.

I don't know if Bitcoin price has a correlated with the said epidemic, I dont understand of blaming this NCov to the virtual price movement. It has too far from the traditional market and the virtual market it won't have an effect.

What next for BTC? It will always be the same and there's nothing that will change. Only the price will change either up or down and that it the nature of Bitcoin due to volatility. One thing that I'm sure it will continue to raise up the Bitcoin price even though there's a correction to the price but it will always end up to the highest value.

[cabron]

Many of the investors will keep buying, this dip I guess will be another dip that will just be seen by investor lying to be in the higher lows. They don't look at uncertainty when they know BTC started from less than $1 during the day when it started. Those BTC believers will even grab more of their chance today than doing it after havling.

[okala]

As you have said, we are still in the support region of 20 moving average so we are still good.

Those geo political happenings around us should not trigger the worst case scenario. We all know that we are very different from traditional markets, that's why crypto or bitcoin might be a good leverage for financial or even the pandemic scare of corona virus.

It is different from those traditional market that many people did not understand and always interpret bitcoin base on the knowledge of the traditional market like stocks and forex. Bitcoin can gain over $1,600 in the next one hour by just a tweet from one of the cryptocurrencies influential but this cannot happen in stock and by this I do believe that what people take to be a downward market can turn upward in the next 1 hour candlestick.

[ScamViruS]

Bitcoin is at an important juncture, sitting on weekly support and the 20 week moving average and yet the global markets seem poised for more downside. Will Bitcoin drop further or recover from here?

Full market thoughts here: https://www.cryptoadvocate.net/post/bitcoin-crypto-market-update-01-04-2020

The current market situation is in the hands of the whale. I think this correction is preparing for the next pump. whale wants retail traders to be confused by all opinions. Since all the indicators are pointing downwards, traders will sell. And the whale will accumulate as much as possible. Then suddenly the market will go upwards. I'm hope that Bitcoin could drop down to 8200-7800. Let's see what happens.

[traderethereum]

snip-
I don't think that coronavirus affect the bitcoin price, but it is affected by all countries which every government is still searching more about the virus.

I don't know if Bitcoin price has a correlated with the said epidemic, I dont understand of blaming this NCov to the virtual price movement. It has too far from the traditional market and the virtual market it won't have an effect.

What next for BTC? It will always be the same and there's nothing that will change. Only the price will change either up or down and that it the nature of Bitcoin due to volatility. One thing that I'm sure it will continue to raise up the Bitcoin price even though there's a correction to the price but it will always end up to the highest value.

Yeah, I think the crypto market movements because of something else that we don't know what it is. But yes, coronavirus has made all countries get alert to detect the virus.

The next thing that will happen to bitcoin is bitcoin price can increase to the higher price anytime, but I am afraid we need to wait for more to see that will happen soon. Maybe we will see bitcoin price increase again this month, and if that happens, then we can be back to make a profit again. 

[$crypto$]

Bitcoin is at an important juncture, sitting on weekly support and the 20 week moving average and yet the global markets seem poised for more downside. Will Bitcoin drop further or recover from here?

Full market thoughts here: https://www.cryptoadvocate.net/post/bitcoin-crypto-market-update-01-04-2020

The current market situation is in the hands of the whale. I think this correction is preparing for the next pump. whale wants retail traders to be confused by all opinions. Since all the indicators are pointing downwards, traders will sell. And the whale will accumulate as much as possible. Then suddenly the market will go upwards. I'm hope that Bitcoin could drop down to 8200-7800. Let's see what happens.

If there is news like this then panic will occur to small traders so that they sell more than they have to hold for a long time, I know that the pope has other plans to do this but this is all nobody knows about.

If we think positively then we will buy because this has begun to be low and don't think about anything else because the whales are waiting for the market to be pumped.