While coronavirus concerns continue to increase worldwide, Bitcoin (BTC) is taking its share of these concerns. The biggest cryptocurrency has lost more than 20 percent in the past two weeks. However, despite such a decline, yesterday’s daily closing was a glimmer of hope and was interpreted as Bitcoin will be coming back soon.
Bitcoin is a very different and quite new asset compared to traditional exchanges and gold. That’s why Bitcoin is considered a highly speculative asset. The fact that it is priced according to the emotional state of its investor makes Bitcoin away from being a safe haven.
Global stock markets lost huge losses with the big recession, while Bitcoin lost some of its annual gains in this process. However, last night candles show that the situation may reverse.
$ BTC the #Bitco daily chart – Spinning top + inside bar pic.twitter.com/tcx8yed4wv
– Big Cheds (@BigCheds) March 10, 2020
Looking at the candles that occurred last night, it is seen that instability prevails in Bitcoin. In the current market, indecision is generally a sign of an uptrend. These candles, called the spinning top candlestick, are iconically likened to children’s toys. The emergence of these spinning top candlesticks means that the effects of bears and bulls on the price are equal. So there is an indecision for the asset, and in general these spinning top candlesticks cause a significant trend change.
We will see together soon whether the bulls will finally be able to take the reins and take control.
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