Bitcoin risks ending the second month on a negative note for the first time in years and could suffer deeper declines in the short-term.
The spreading coronavirus sowed a new bout of fear among investors, triggering a stock market sell-off and flight to safe-haven assets like gold and U.S. Treasury bonds.
Bitcoin's recovery from four-week lows could be extended to $9,000. However, the risk of deeper declines will persist as long as prices are below $9,400.
The crypto markets were shaken Wednesday amid a flurry of selling that saw more than $190 million worth of longs and shorts liquidated on BitMEX.
Square reported bitcoin revenues of $178 million between Nov. 1 and Dec. 31, 2019, with profits of $3 million, up 50 percent over the prior two quarters.
Crossing below the $9,000 price level is a new low for February 2020. Bitcoin has not traded below the $9,000 threshold since January 27, when it began a march to new highs in the $10,500 range.
The stage looks set for a further drop to below $9,000, albeit after a minor bounce.
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Bitcoin has formed a bearish head-and-shoulders pattern with neckline support at $9,400.
As U.S. stocks tumbled on Monday by the most in six months amid renewed coronavirus fears, bitcoin barely budged - at least in terms of the notoriously volatile cryptocurrency’s trading history.
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Bitcoin needs to break past the session high of $10,028 to revive the immediate bullish setup.
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Bitcoin's daily money flow index has turned bearish for the first time since early January, supporting the case for further price losses.