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Bitcoin Starts Revival, Pushes Back Above $8,800

March 2, 2020 at 15:33 by Matt Jackson

Bitcoin endured its worst weekly performance since November, last week, falling 13% and wiping away a portion of the gains made since the start of the year.

The cryptocurrency market wasn’t the only market to suffer, as stocks, commodities, and currencies tumbled amid fears of a coronavirus spread. More than 3,000 coronavirus deaths have now been reported globally. More than 90% of fatalities have been reported in Hubei, China, but there have been deaths in 10 other countries. The EU has, today, upgraded its risk assessment of the coronavirus for EU residents to “moderate to high” while UK Prime Minister, Boris Johnson, has said that the spread of the virus is “highly likely” but that a plan has been agreed to help tackle it.

The digital gold also posted an $800 loss for the month, equivalent to approximately 8.5%, but it has performed markedly better since the start of the month, albeit only two days ago. Having opened the month at $8,523.61, Bitcoin has added more than $300 to its price, including a gain of more than 2% in the past 24 hours. BTC is now trading at $8,835 and looking to push towards $9,000 resistance.

According to analysts, if the cryptocurrency can close above Sunday’s high of $8,756, it would confirm seller exhaustion and signal an end of the pullback from highs above $10,500, indicating a short-term target of $9,500. However, a close below $8,410 would signify a bearish continuation pattern with fears that prices could fall further to $8,000 in the coming days.

Bitcoin’s daily recovery has seen the rest of the cryptocurrency market follow suit, although there are no significant increases in the top two dozen coins. Bitcoin SV is the only coin of the ten largest by market capitalization to have posted gains of more than 5% over the past 24 hours.

Bitcoin (BTC) prices have risen 2.8% to $8,842.07, a price that bulls will be hoping to hold until close today. Meanwhile, Ethereum (ETH) has added 3.16% to its price and is now trading at $228.73 and Ripple (XRP) has increased by 1.67% to $0.237. Bitcoin Cash (BCH) and Bitcoin SV (BSV) have posted the highest gains of the top coins, their prices increasing by 4.53% and 6.39% to $327.14 and $238.76 respectively.

If you have any questions and comments on Bitcoin today, use the form below to reply.

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