This latest leg lower comes after the cryptocurrency attempted to stabilize above $8,300 ahead of the weekly close, though this was done to no avail.
Bitcoin’s brutal drop comes as global markets have entered a period of dramatic volatility, or what some would say is chaos.
Case in point: ahead of Monday’s open, the futures of global equities are looking extremely bearish; crude oil futures are down 30%, gold is up to $1,700, the Dow Jones and S&P 500 futures are looking poised to open 5% down when Monday morning rolls around.
It appears that there’s a global crunch in all assets, save for gold and Treasuries, which are appreciating as fears of a recession (and potentially something wore) roll over markets.
Bitcoin At Key Level
With this move, Bitcoin has entered key bounce territory; analyst CryptoHamster noted that with the recent move lower, the price of the leading cryptocurrency has tapped the bottom of a descending channel the asset has traded in since the $10,600 peak seen in mid-February. The cryptocurrency falling below the support could open the door for a stronger drop.
The channel support test. #bitcoin $BTC $BTCUSD pic.twitter.com/wBLLRdGYz2
— CryptoHamster (@CryptoHamsterIO) March 8, 2020
Featured Image from Shutterstock