There are global economic losses due to the panic caused by the coronavirus epidemic. Crypto markets are also adversely affected by this situation, and the largest cryptocurrency, Bitcoin (BTC), has depreciated significantly today. Bitcoin failed to hold at the $ 7,500 support level, after which panic sales began. With this development, the biggest cryptocurrency fell below the $ 6,000 level in as little as 30 minutes. BTC, which was traded at $ 6,122 at the time of writing, saw the lowest of $ 5,500 during the day.
Crypto traders are more fearful than ever, believing that the market will drop more. However, a crypto analyst called on investors from his personal Twitter account and said, “Don't panic. Think logically. Make your plan. ” He pointed out that there are two supports to watch in Bitcoin.
According to cryptocurrency analyst Jacob Canfield, although the initial support zone ($ 7,200- $ 7,500) did not work, there is another significant support in the $ 5,000- $ 5,500 region, which could prevent further decrease in Bitcoin price.
For Bitcoin, what happened today was very frightening and fell to the lowest price level of almost a year. However, considering the strength of the moving average, experts think that it is not possible to experience a big disaster in Bitcoin.
As Canfield points out, if Bitcoin fails to hold on to second support, there may be serious losses in the price of the leading crypto asset, and such a move could possibly end Bitcoin.