As indicated earlier, despite being in the red for most of the last seven days, Bitcoin was likely to take support from the 150-day moving average, and that is what we witnessed today as the leading digital currency roughly surged from $8,400 to $8,900.
The Coronavirus outbreak affected markets around the world last month, as countries recognized it as a major threat, and Bitcoin, despite being considered digital gold, did not keep up with its physical counterpart.
Disappointingly, Bitcoin’s fall came at a crucial juncture, when it was attempting to tackle the $10,000 price level. Now, with the leading digital currency trading around $8,900, it once again has to surpass several resistance ranges to get back above $10,000.
On the bright side, the recent price surge has also benefited the crypto market at large, with major gains seen by Bitcoin SV, Ethereum Classic and Chainlink (from the top 20 currencies).
Now, moving forward, it will be interesting to see how Bitcoin consolidates. We can expect the price to fluctuate between $9,200 and $8,900, provided BTC manages to surpass $9,000. On the downside, the 150-day moving average support is still intact.
Even though the overall sentiment has been bearish lately, Bitcoin’s upcoming reward halving is poised to be a positive development capable of pushing prices higher. Meanwhile, new developments in the Coronavirus spread and control should impact Bitcoin as well as global markets.
