Bitcoin (BTC) continued beating out any competition on March 7, turning $9,000 into solid support while coronavirus ravaged stocks and forex alike.
Cryptocurrency market daily overview. Source: Coin360
BTC price makes solid support out of $9,000
Data from Coin360 and Cointelegraph Markets showed BTC/USD trading above the $9,000 mark for a third day on Saturday.
At press time, the pair was circling $9,130, having stayed within a narrow corridor since it originally exited the $8,000 range on March 5.
Bitcoin 1-day price chart. Source: Coin360
Having beaten expectations, Bitcoin appeared an increasingly safe bet as the week drew to close. Traditional markets, fresh from serious losses, remained volatile on Friday.
At first, stock markets bore the brunt of the impact from the ongoing spread of coronavirus — the Dow Jones shed 1,000 points in one day on Wednesday, erasing gains that it made after a historic fall the previous week.
After central banks reacted to the panic, however, it was national fiat currencies that suffered from the fallout. As Cointelegraph reported, rate decreases and oil output wars saw major and developing currencies alike hemorrhage value.
The Brazilian real, the worst performer overall, traded at its lowest level ever against the U.S. dollar on Friday.
Analysts count down pre-halving bull run
Bitcoin meanwhile had been tipped to make further gains to hit $9,400. Zooming out, analysts said they expect the cryptocurrency’s bull run to intensify prior to May’s block reward halving event.
This week, veteran trader Tone Vays described the chances of BTC/USD trading higher before then as “very likely.”
“In 2017 everyone was calling for $10k #bitcoin,” Cointelegraph Markets analyst Keith Wareing summarized in a tweet describing the current mood among market participants.
“When it finally hit, it took just 20 days to reach $20k Now in 2020 many are calling for $100k #bitcoin.”
Joseph Spezzano received a Masters Degree in computer science from The University of Massachusetts. Joseph has been working as a full-time blockchain programmer for the past 5 years. In his spare time, Joseph enjoys writing for CryptocurrencyInvestments.com and traveling.