BTC/USD Holds Key Support as Global Markets Slide
BTC/USD sold off along with other global markets this week as an increase in global risk aversion caused funds to seek safety.
The BTC/USD price is currently trading within the blue support zone, having bounced once off the bottom of the zone at $7,627. Bulls might be buyers at these levels, with tight stops under the bottom of the key support zone.
Traders should be aware of large intraday moves "stop-loss fishing" below key support levels such as the bottom of the blue support zone. With the RSI dipping closer to oversold territory, opportunistic bulls may be buyers of intraday breaks below key support at $7,627.
Bears will be waiting for a clear and sustained break below the bottom of the blue support zone and a resumption of a broader 9-month downtrend.
The Coronavirus and its ensuing impact on global economies remain of key importance to Bitcoin and its place in financial markets going forward. Of key importance to all traders is whether BTC/USD maintains or breaks its current correlation with broader global markets.
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