The leading cryptocurrency bitcoin witnessed one of the worst days since 2013 when its price dropped to as low as $3,600 last week. Bitcoin has recovered quite well since then, but the bottom is not in yet, according to several experts.
Bitcoin needs to surge past $6,600 to avoid a free fall.
Currently, bitcoin is trading at just above $6,200 as it tests resistance at $6,600. Despite today’s massive rally, bitcoin is not in the clear yet as BTC bears are looking to dominate the market in the short-term. Bitcoin needs to surge past the $6,600 level in order to avoid a free fall that could trigger the price to slump down to $4,000 level again.
Coronavirus pandemic dampens financial markets.
The coronavirus pandemic does not seem to slow down as the death toll reached past 10,000 and over 245,000 people all over the world have tested positive of the novel coronavirus. The impact of the virus on global financial markets has been quite devastating as well. Governments all over the world are announcing stimulus packages to revive the economy as the fight with the virus continues.