{"id":417423,"date":"2020-03-09T00:03:10","date_gmt":"2020-03-09T00:03:10","guid":{"rendered":"https:\/\/ktsl888.com\/?p=417423"},"modified":"2024-06-11T13:43:05","modified_gmt":"2024-06-11T13:43:05","slug":"bitcoin-taps-8000-violent-sell-off-rocks-sp-500-futures-oil","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-taps-8000-violent-sell-off-rocks-sp-500-futures-oil\/","title":{"rendered":"Bitcoin Taps $8,000 as Violent Sell-Off Rocks S&P 500 Futures & Oil"},"content":{"rendered":"

It seems that bulls can’t catch a break. Bitcoin just minutes ago tapped $8,000 (per data from TradingView<\/a>), bringing its 36-hour performance to a dismal -13%, having peaked at $9,200 on Saturday.<\/p>\n

This latest leg lower<\/a> comes after the cryptocurrency attempted to stabilize above $8,300 ahead of the weekly close, though this was done to no avail.<\/p>\n

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Bitcoin’s brutal drop comes as global markets have entered a period of dramatic volatility, or what some would say is chaos.<\/p>\n

Case in point: ahead of Monday’s open, the futures of global equities are looking extremely bearish; crude oil futures are down 30%, gold is up to $1,700, the Dow Jones and S&P 500 futures are looking poised to open 5% down when Monday morning rolls around.<\/p>\n

It appears that there’s a global crunch in all assets, save for gold and Treasuries, which are appreciating as fears of a recession (and potentially something wore) roll over markets.<\/p>\n

Bitcoin At Key Level<\/strong><\/h2>\n

With this move, Bitcoin has entered key bounce territory; analyst CryptoHamster noted that with the recent move lower, the price of the leading cryptocurrency has tapped the bottom of a descending channel the asset has traded in since the $10,600 peak seen in mid-February. The cryptocurrency falling below the support could open the door for a stronger drop.<\/p>\n

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The channel support test. #bitcoin<\/a> $BTC<\/a> $BTCUSD<\/a> pic.twitter.com\/wBLLRdGYz2<\/a><\/p>\n

— CryptoHamster (@CryptoHamsterIO) March 8, 2020<\/a><\/p><\/blockquote>\n