Technical analysis

Can coronavirus affect the crypto market?

Julien Moretto – 26 Feb 2020

While a wave of panic is affecting stock exchanges, the crypto market is also in decline but seems to be resisting better. The following days will be interesting: Bitcoin is down 10% in one week and is on the €8,300 to €8,500 ($9,200 and $9,400) level which should act as a support to confirm the long term bullish recovery initiated at the beginning of the year. If the coronavirus crisis continues, we will see if Bitcoin’s price moves in line with the major world stock exchanges or if it differs completely, which will validate or invalidate its safe haven asset status.

The altcoins that were the best performers for weeks have started more severe corrections. Tezos (XTZ) loses 20%, Ethereum (ETH) loses 15%. But they are already arriving at interesting levels for buybacks. Prices were showing first signs of bounce on the afternoon of February 26.

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