The Covid19 is not affecting Bitcoin price though, otherwise we shouldn't have seen any bullish run towards 10.5k, don't forget that the media started to broadcast about the virus in January, yet February was a great month for Bitcoin with a peak at 10.5k.
It was a great month for stocks too. The S&P 500 made a new ATH on February 20th (BTC actually peaked 1 week earlier), then the corona virus-fueled crash happened. Given the strong bearish momentum in both markets for the past 2 weeks, I wouldn't assume no effect.
Coincidentally (so to speak, it was not a coincidence), 10.5k is a major resistance, failing to break above always meant we would visit below 8k again.
Downtrend still intact. Next: 7.5k, then 7.2k and more painful will be breaking below 6.4k
Downtrend still intact. Next: 7.5k, then 7.2k and more painful will be breaking below 6.4k
I always assumed a sizeable correction was likely from the $10K+ area. I still stand by the opinion that revisiting the upper $7,000s could just be a typical retracement in a bull market:
Returning to $8K seems like an arbitrary measure. It could just be a retracement in a bull market, like this:
How long will this bear market last? Its 26 months already.
Its the longest bear market in bitcoin's history.
Its the longest bear market in bitcoin's history.
Measured how? 2014-2015 looks longer to me.