Bitcoin bears likely to dominate in the short-term despite today’s positive rally.

The price of the leading cryptocurrency bitcoin surged past $6,000 in a positive rally on Thursday. The upswing came after an extended period of sideways trading around $5,000 this week.

At the time of writing, bitcoin is changing hands at just above $6,200, up 16.1% in the last 24-hours. But several crypto analysts are claiming that they don’t believe the bottom is in, indicating that the crypto may see significantly further downside in the near-term.

 

Bitcoin likely to fall further before gaining a positive momentum

Even though the price of bitcoin witnessed a positive rally in the last 24 hours, experts are warning that bitcoin has not achieved its bottom yet. The leading cryptocurrency is likely to fall near $4,000 region in the short term before gaining a positive momentum amid the coronavirus outbreak. The global pandemic has caused financial markets all over the world to plunge, and the leading cryptocurrency reacted the same way.

 

Bitcoin reacts to crash in financial markets.

The leading cryptocurrency bitcoin witnessed one of the worst days in seven years when it dropped to as low as $3,600 last week. The fall in the price coincided with the crash in stock markets all over the world. Dow Jones witnessed its worst day since 1987 after US President Donald Trump announced a thirty-day travel ban from Europe with some exceptions. Since then, the US government has announced stimulus packages worth $1.2 trillion to revive the market. 

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Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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