Why the price of Bitcoin is still down?
It wouldn't have an instant effect. I'll be with the long term effect of the pandemic for bitcoin. The sell off of the plus token scam did pulled the prices first and then was followed by the surprise pandemic.
Wait until the stimulus will be injected to the Americans, we might see the effect accordingly.
let's wait and see what will happen then...
but yes, even if the adoption is increasing, bitcoin is still down as a lot of crypto users are selling their coins to augment their daily needs. not all crypto users can afford to hold in this crisis.
but as you can see, when we hit the $3k, it goes back now to more than 6500. so i guess thats already positive news in crypto. it shows that bitcoin is really gaining a stronghold even in this unfortunate situation!
We can conclude that still many do sell at this moment. It's dumb to sell honestly but if they don't have any other source and their entire life savings is on bitcoin, they have no choice but to sell it at any price.
We may see $5,900 because it's incoming.