At the time of writing, the leading cryptocurrency, bitcoin is changing hands at just above $6,200, with a significant gain in the last 24-hours. But the price of bitcoin is likely to plunge in the coming days as financial markets continue to crash amid the global pandemic.
Bitcoin continues to hold support at $5,800.
Since March 12, bitcoin has been highly volatile and has witnessed massive swings on both sides. The main area of support for bitcoin during the last 15 days or so has been at around $5,800. Bitcoin bulls have repeatedly failed to keep the support level above $6,200. If the price of bitcoin falls below $5,800, then a massive downside movement can be expected.
Bitcoin is still coupled with the traditional markets.
The leading cryptocurrency is still coupled with the traditional financial markets and is reacting similarly. US financial markets are expected to open down, which means that the price of bitcoin is expected to fall as well. The traditional markets all over the world have tanked because of the coronavirus pandemic that has caused havoc around the world. The price of bitcoin could fall as low as $5,000 in the coming days.