Bitcoin set to test 200 MA... breaks below $9,000

[SBR Drew]

Bitcoin looks set to test the daily 200 moving average at $8,770 after sliding down towards the crucial $9,000 level of support.
It is now 15% down from its four-month high of $10,500 with the sell-off being reflected across all cryptocurrency markets.
The next logical stopping point for Bitcoin if $9,000 is to break with conviction is the region between $8,830 and $8,870 where the often-visited $8,450 line could be on the cards.

[trytrytry]

U used the word Logical and Bitcoin in the same sentence!

never think that way!

[themike78]

Nobody knows. Where are all the idiots that said it was going to $50000 this year? I don't believe anybody when it comes to bitcoin.

[Roscoe_Word]

A little like sports bettin. Throw logic out the window. I thought with the virus and stock marked dive, BTC would increase. No so.

[EVPlus]

One theory I have is that btc is becoming more accepted by traditional investors.

This may explain why it took a nose dive last week - right along with the Dow and S&P - as the Nervous Nellies cashed out to move their funds into safe havens.

I suspect as the Dow and S&P recover, btc will follow. I would be surprised if btc recovered before the traditional indices.