Bitcoin Might Have Reportedly Topped Out – More Decline In Price To Come
The crypto market is mostly red today, and the most important coin is also trading in the red.
At the moment of writing this article, BTC is trading at $8,753.90 and according to some experts, there is expected more decline in the coin’s price.
A bearish outlook of the market
Bitcoin is still trading below $10k, and the probability of a decline increased.
Crypto Daily writes that we should note the bearish outlook of the stock market.
Also, it’s worth noting the fact that the global concerns over the coronavirus outbreak in Europe has taken the markets by storm and “saw the S&P 500 (SPX) close below the 50-day moving exponential moving average for the first time since the beginning of the year,” according to the online pubcalition mentioned above.
They also write that this is a major development, and it, unfortunately, shows that we might see a similar reaction in the crypto market soon.
“BTC/USD has closed below the 50 EMA on the 12H chart, but we have yet to see a decisive move to the downside,” Crypto Daily writes.
Bullish momentum sees a sharp decline
The online publication says that the big players are trying to keep the price of the market artificially propped while they are cashing out.
They also note that the virus outbreak interfered with their plans to keep the sentiment high until the halving process that is scheduled for May.
Also, it’s been revealed that the coronavirus fear is expected to have massive impact on stock markets all over the globe.
CryptoDaily has some overall somber predictions for the crypto market, and the main reason that they point to is the coronavirus outbreak all over the world.
We should not be thinking about a new all-time high for BTC in such a scenery
They note the fact that the situation will be getting worse for world economies because more and more people will remain at home, not being able to work.
This will turn out to be a disaster for businesses especially in China, South Korea, and Japan and, with such a massive supply chain interruption, the stock market will not be able to hold its ground.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.