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Bitcoin Plunges on Profit-taking, Losses Limited by Coronavirus Outbreak

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Bitcoin Plunges on Profit-taking, Losses Limited by Coronavirus Outbreak

Bitcoin entered a negative slope on Thursday as traders took profits from its latest price rally. But the cryptocurrency remained above a strong technical support level.Spot Bitcoin risks fall but hold above $8.2K support | Source: TradingView.com, CoinbaseA further break below brings bitcoin inside the Descending Channel pattern, which risks a plunge towards $6,420 – the local bottom as of now.Meanwhile, a pullback from the 200-MA or before could have bitcoin close in on $10,000 as a primary upside target. The level has served as solid support for the cryptocurrency.

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Author: Yashu Gola

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