Coronavirus Crisis Continues, BTC Drops Below $5,600

The cryptocurrency news today show that the Bitcoin price is still losing value as the Coronavirus crisis continues and COVID-19 keeps on spreading across US and Europe. In fact, BTC dropped below $4,000 at one point after plummeting 11.24% to a new yearly low at $3,782. However, since then the cryptocurrency managed to regain some strength and rebounded to $5,591 which is its price as of press time.

On the 1-hour timeframe, we can see that a strong oversold bounce took place after the relative strength index dipped to 8.45 – a low which has not been seen since November 23, 2018. For the time being, traders will closely watch to see if the current oversold bounce leads to a more sustained uptick in the purchasing volume. Some have even taken to crypto Twitter and speculated that the Coronavirus crisis caused the drop below ,000 which also liquidated the majority of the Bitcoin-backed loans offered by the decentralized finance platforms.
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As mentioned in an earlier market analysis, the Bitcoin price was expected to bounce right off the high volume node of the volume profile visible range (VPVR) that extended from $4,030 to $3,637 and this is exactly what was happening on the market.

Currently, the total cryptocurrency market cap is at $158 billion and the 24 hour trading volume is at $273 billion. The dominance of Bitcoin stands at 64.3% as many altcoins are also dropping in value. The Coronavirus crisis made every cryptocurrency vulnerable in the past two days, and the biggest losses are seen in Bitcoin Cash (BCH) which dropped 24%, Bitcoin SV (BSV) which declined by 29% and Ethereum Classic (ETC) which lost 24% as well. The VeChain news also show that VET lost more than 25% overnight and in total, we can see a major bearish pattern across all of the markets.

Even the altcoins which gained a little are correcting from previous losses. Chainlink (LINK) dropped 50% yesterday due to the COVID-19 Coronavirus crisis which marked one of the biggest downfalls in history of the market.

Traders are watching the price levels closely and hope to see the market moving upwards. However, this is a big expectation for many, knowing that the crypto market now seems linked to stocks and the crisis spread by the deadly virus that is seen all over Europe.