Coronavirus & 3 Technical Reasons Why Bitcoin Price Broke Below $9.4K

Bitcoin price (BTC) dropped another 3.07% on Feb. 25, marking the second day of losses as global equities markets sharply corrected on fears of the Coronavirus spreading to more countries.

Crypto market daily price chart. Source: Coin360

Tweezer tops show supports becoming levels of resistance

The price dropped below what analysts have labeled as crucial support at $9,450-$9,400 to a new 3-week low at $9,281. Similar to the Feb. 18-19 drop from $10,250 to $9,478, today’s pullback was also preceded by a tweezer top candlestick pattern on the daily timeframe.

At the time of writing, Bitcoin price is finding support near the 50-day moving average and the volume profile visible range (VPVR) high volume node at $9,430-$9,319.

BTC USDT daily chart. Source: TradingView

If the price fails to hold this level then a new lower low below the Feb.4 price of $9,089 is possible. Below $9,089, the next level of support can be found at the 200-day moving average that is also aligned with a high volume…