Bitcoin plummets and loses over $1,000 over the course of a day
Having just suffered a colossal price drop, where Bitcoin is headed next is the question on everyone’s mind
The price of Bitcoin crashed by over $1,000 today, signalling that the troubles faced by the cryptocurrency markets are far from over.
In a matter of minutes, Bitcoin plummeted from $7,200 to $6,000 levels, leading to speculation that the coronavirus, in conjunction with crashes in the global market and the PlusToken sell-off, indicate there is still room for Bitcoin to fall.
The $6,000 support level that Bitcoin is hovering around has not been seen since it consolidated around this price in October 2018. Below this, support can be found at the $3,500 levels, a price seen more lately between January 2019, where it consolidated for four months until April 2019.
In the macro sense, Bitcoin’s sharp fall will be seen as a positive by some, who will wish to see the cryptocurrency retest its lower prices to strengthen future price-action to the upside.
Bitcoin’s sharp fall is not in isolation however, with the crypto market at large having lost $170 billion in 24 hours – as well as financial markets across the world suffering further losses.