Bitcoin (BTC) Price Looks 'Weak' as It Struggles to Reclaim $8,000

Wed, 03/11/2020 - 19:43
Alex Dovbnya

Trader Scott Melker describes Bitcoin's (BTC) price action as 'weak' as the bulls are vying to win back the $8,000 level

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Prominent cryptocurrency trader Scott Melker says that the Bitcoin (BTC) price currently "looks weak" on the hourly chart. Hence, it is safe to assume that this is going to be yet another painful day for the bulls. 

How not to Lose Money Trading Crypto, What Charts Can Tell You, and Why Bitcoin is Still Better Than Alts: Interview with Scott Melker

Bitcoin on life support

Earlier today, the Bitcoin price came close to touching the pivotal $8,000 but it fell short. After this rejection, the leading cryptocurrency plunged to its intraday low of $7,590 but then bounced off of its major support level. At press time, BTC is sitting at $7,771. 

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However, even during this period of uncertainty, some traders are still searching for a silver lining. Big Cheds recently tweeted that the panic that grappled the cryptocurrency market should signal that Bitcoin is close to bottoming out

Bitcoin (BTC) No Longer Non-Correlated Asset: Peter Schiff

Outperforming stocks   

Notably, BTC is down 1.3 percent today, which means that it's doing much better than U.S. equities. The Dow, after yesterday's relief rally, has entered a bear market after nosediving by more than six percent before the closing bell.      

However, Peter Schiff, the CEO of Euro Pacific Capital, believes that Bitcoin is still correlated to the stock market, and institutional investors should consider abandoning it. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at

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