Bitcoin witnessed a pretty good year so far in terms of price, but on Sunday, the price came crashing down after a major sell-off period. Bitcoin traded as low as $7,837 in the last 24 hours. The price decline coincided with a sell-off in the global financial markets. If you are a serious crypto trader, then using a crypto news aggregator can immensely help you keep updated with the crypto industry so you can make all the right decisions at the right time.
Bitcoin breaks below many key supports
The price of bitcoin broke many key supports during the sell-off period, including the 100-day SMA. Now bitcoin is testing major key support at $7,500, where bulls are likely to appear. The price of bitcoin dived 10% in the last 24-hours. Brent crude oil dropped over 30 percent on Sunday, which was the biggest single-day decline since 1991. Bitcoin is likely to drop further before gaining any positive momentum.
Global mkts in PANIC mode: Oil prices crashed, equities plunged, currencies & bonds saw wild moves as a full-blown price war in crude adds to coronavirus worries. Nikkei dow almost 6%. US 10y yields <0.5%. Brent Oil at $32/bbl. Gold $1673. Bitcoin in turmoil as well, plunged <$8k pic.twitter.com/0ExP3bIVFw
— Holger Zschaepitz (@Schuldensuehner) March 9, 2020
Mining difficulty is expected to reach a new high
The price of bitcoin slumped down as the network’s computing power and mining difficulty are both expected to reach a new high shortly. The price of bitcoin is expected to recover if it finds a strong buying interest near the $7,500 area. Currently, the main resistance area for bitcoin is near the $8,400 level and the 100-day SMA.