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

News
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

Cover image via www.shutterstock.com
Contents

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. 

Related
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. 

image by tradingview.com

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

Related
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. 

Subscribe to U.Today on Twitter and get involved in all top daily crypto news, stories and price predictions!

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 alex.dovbnya@u.today.

Top 10 Best Cloud Mining Sites in 2020
TOP 20 Best Bitcoin Trading Bots in 2020

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy