At the time of writing, the price of the leading cryptocurrency is trading just above the $6,200 mark, which was also the monthly support level. The second quarter of this year does not look promising for the price of bitcoin as the global pandemic continues to put the world on halt.
Bitcoin continues to hover around $6,200
The price of bitcoin recovered above $6,200 on Monday, and since then, it has managed to stay above that support level. The leading cryptocurrency dropped down to below $4,000 on March 13, which was the lowest it got since 2013. The bitcoin is halving is also scheduled to take place in May this year.
Bitcoin is likely to fall below $5,000 in the coming weeks.
Bitcoin is still coupled with the traditional markets, and markets are continually plunging due to coronavirus outbreak as over 2 billion people in the world are currently under lockdown. The financial markets all over the world are expected to continue to fall in the midst of the global pandemic as there is no silver lining on the horizon yet. So far, over 800,000 people have been found positive of the COVID 19, and over 40,000 people have lost their lives.
