The Bitcoin could potentially be forming a new downtrend as now the price dropped below $7,000 after hitting a resistance of $7500.
Media reports said that this fall comes amid coronavirus pandemic as findings by new research shows that clear regulation has a direct effect on Bitcoin price volatility.
Bitcoin (BTC) price seen its talk and analysis sharply rise almost making some forget we are amidst a deadly coronavirus pandemic.
With 2020 halving just around 3 weeks to go, its price monitored very closely, owing to the number of both retail and institutional investors betting on the asset.
At the time of reporting, the Bitcoin U.S. dollar derivative was trading at around $6,880 after being unable to push beyond the last two months all-time high.
This is approximately 4% in regards to the day’s opening, whereby the asset was trading slightly above $7,100.
Reports also said that Bitcoin’s new decline trend, which formed after the bulls unable to fix the price above $8,000, confirms that the asset headed towards $4030.
Media reports said that Cryptocurrencies largely moved in conjunction with riskier assets over the past month, falling when equities come under pressure and rising when they gain.
United States stocks U.S. stocks initially sold off and Bitcoin dropped as much as 3.3% to trade around $6,900.
Peer tokens, including Litecoin and Bitcoin Cash, also declined.
Investment Analysts said that “When equity markets sell off, all people want to own is cash,”
Analysts also said that “When things are good, money will flow there and when things are bad, it’s going to have that downside.”