Bitcoin (BTC), the largest cryptocurrency in the market has fallen below $9,000 and it could definitely move towards $8,800 in the next hours if the bearish sentiment continues. Moreover, the virtual currency seems to be experiencing a correction after surging to over $10,400 during the last weeks.
Bitcoin Breaks Below $9,000
Bitcoin has fallen below $9,000 as the market turned bearish for all the altcoins in the space. The virtual currency has been falling in the last few hours and it reached a low of $8,978 in some exchanges. This represents a correction of 14% from the local high of $10,420 registered two weeks ago.
The entire market is now operating in negative territory with Ethereum (ETH) falling 5.60%, XRP registering a price decrease of 4.47%, Litecoin losing 5.18% and Cardano (ADA) losing the 10th position and falling almost 9% in the last 24 hours. This shows that investors are currently bearish and waiting for a change in the sentiment before coming to the buying side of the market.
Moreover, Bitcoin and crypto analyst that are closely following the financial markets are also paying close attention to what is happening in Europe and in the United States after the Coronavirus pandemic that affected over 8 million individuals around the world and almost the entire population indirectly.
The effects of the pandemic are going to be certainly negative for the economy and they are currently showing that it may take some time for countries to recover the economic levels they had before the crisis started.
The lockdowns implemented by governments have been effective in most of the countries to stop the pandemic. However, they have also affected a large part of the population and increased unemployment and reduced economic growth.
In the coming hours and days, Bitcoin could move towards $8,800, which will represent a retracement to an important support level and also the 0.236 Fibonacci retracements. The next levels to look at include $7,900, $7,200 and $6,400. However, we cannot be sure that Bitcoin will go straight to these prices.
It is worth mentioning that the entire crypto community is bullish about the future of Bitcoin and they consider that the largest digital asset could move towards new highs in the future. If that happens, the entire crypto market is expected to follow and register impressive gains as well.
All the information shared by UseTheBitcoin and its writers shouldn’t be considered investment advice. All the content in this article should be considered educational content. Never invest more than what you are able to lose and always do your own research. We are not financial advisors.