Bitcoin Price Holds $8.5K Support as Coronavirus Fears Tank Global Markets

Today Bitcoin bulls found their resolve and are attempting to reverse the digital asset’s course even as equities markets across the globe continue to drop on the realization that Coronavirus is a real threat that will stay with us for some time.

The Dow Jones Industrial Average closed with a decline of 1,100 points (4.4%) and is down more than 10% for the week. The Nasdaq Composite also fell 4.6% to 8,566.48 and the S&P 500 endured a similar blow, dropping 4.4% to close at 2,987.76. According to market analysts, today’s drop represents the largest daily decline in recent history.

Crypto market daily price chart. Source: Coin360

Currently, Bitcoin price is chasing after the 200-day moving average after dropping to an intra-day low at $8,509. The recovery from $8,509 is encouraging as it shows the support at $8,500 is holding and the shorter-time frame shows the moving average convergence divergence (MACD) attempting to pull out from oversold territory.

Earlier in the day the…