Bitcoin braced for brutal weekend as fear sets in

Bitcoin is on the brink of a major correction this weekend after suffering an 18% slide over the past 15 days.

With it now trading below the daily 200 moving average downside price targets at both $8,450 and $7,830 have emerged.

The $7,830 level of support is intriguing as it is in confluence with the diagonal trendline dating back to the start of 2019 when Bitcoin was worth just $3,350.

A potential breakdown from that level would see Bitcoin trade outside the trendline for the first time in more than a year – a clear indicator of a bear market.

However, it’s worth noting that Bitcoin has enjoyed a fruitful year to date with it still being 27% up since January 1.

As a result, several analysts remain bullish on Bitcoin and cryptocurrencies especially in light of recent turmoil in traditional markets.

Bitcoin is often described as ‘digital gold’, with gold being a common hedge to global equity markets.

As coronavirus sweeps across the globe at an alarming rate, economic…