Given how these two variables seem to be related, do you think the market will fully recover once the problem with regards to the emergence of Corona Virus is resolved? or there are other factors which may trigger an uprise or keep the market low-still?
I think BTCUSD will recover to February levels. There will probably be some more pullbacks on the way.
This is to some extent contingent on the pandemic outlook improving. If shutdowns continue for months and months, there will be serious economic fallout that will spill over into the BTC markets simply because BTC investors are part of the global economy. They are losing jobs, having their businesses shuttered, side incomes (like AirBNB rentals which are built on top of mortgages) are drying up.