At the time, analysts assumed that if it continues to drop further, the next support level considering the asset’s 200-day moving average would be $8,800. Bitcoin has now crashed that low with a loss of almost 6% and is currently trading at $8,804. It has now seriously wiped out a huge chunk of its 2020 gains.
For some, the plunge is a direct consequence of the worsening coronavirus. While this can be considered, it would take a swipe at Bitcoin’s safe-haven status in times of uncertainty like this. Usually, events like this trigger a rise in Bitcoin’s value, putting it in the same group with gold. Now, it looks like only gold is steady.
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