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Bitcoin may fall to support level of 6500

17:09 11 March /2020

The intensification of the global panic around the coronavirus may lower the price of Bitcoin to around $6500. And technical analysis confirms this. The level of $6500 became the level of support for Bitcoin during the collapse of 2018, as well as the low of 2019. This time he can again play his part.

Today, the price of Bitcoin is again showing a decline, and at the time of publication, the price is $7757. Bearish sentiment intensifies after breaking the $9000 mark. Attempts to recover failed. Immediately after the start of the decline, analysts began to consider the reasons, from the manipulation of whales to various schemes. But in fact, the main reason for lowering the price of Bitcoin is the coronavirus. The virus spread rapidly and caused damage not only to the financial market of China, but to the entire world. Bitcoin also felt this effect, which showed that it correlates with the stock market. Investors began to get rid of stocks and seek traditional refuge for their capital, Bitcoin did not turn out to be that way.

This reaction of Bitcoin to coronavirus caused disappointment among investors. And this is one of the reasons why the price may fall to the area of $6500.

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Technical analysis also suggests a possible decline. Bitcoin price forms a head-shoulders pattern. The chart shows 3 peaks - the average of which was higher than the other two, and all of them are located above the support line. On Sunday, the price fell below the support line, confirming that the pattern may work.

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