Bitcoin remains under the $8,000 level and both crypto markets and traditional markets are suffering from a black swan (as per trader Willy Woo) caused by the coronavirus spreading around the globe.
Still, the fact that Bitcoin has filled in the CME gap seems to have given traders hope that, in the short term, (with two months before the halving) the Bitcoin price will resume its bullish trend.
‘No more gaps below BTC now’
Trader Carl Eric Martin (aka The Moon Carl) has written on Twitter that Bitcoin has already filled the CME gap at the $7,685 level. Now, the trader says, the market can get on with the Bitcoin bull run, showing BTC as a true safe-haven asset.
$8,200-$8,500 on the table
Michael van de Poppe (aka ‘Crypto Michael’) believes that Bitcoin may bounce in the direction of $8,200 or even $8,500 as a relief. However, the analyst tweets that the major support levels of $7,300-$7,600 need to be tested.
Trader ‘George’ agrees, saying that so far Bitcoin could be heading into the $8,000 area.
@SinkTrader has reminded the community of the current global market recession with the coronavirus narrative as a major trigger. He believes crypto whales are pushing the Bitcoin price down to $6,000 in order to buy the dip before the next bull market breaks out.
Trader @FeraSY1, however, believes these narratives to be merely popular opinions on crypto Twitter. In reality, he reckons, this is the first time the global market has faced a major sell-off, so no-one can predict what will happen to BTC next.
“CT opinions about #BTC dump:
Normal GAP filling/correction
#coronavirus related panic Sell off
Whales manuplation before halving
This is the very first time for #Crypto markets to witness global markets sell-off, so NO ONE knows how #Bitcoin will react”
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