There is an increasing fear across the crypto market as the world continues to battle the COVID-19 pandemic virus. In the past week, the price of Bitcoin (BTC) tanked below the $3,600 USD level ringing alarms as the market turned extremely bearish. However, as the situation on the medical space gets better there is a possibility that Bitcoin (BTC) will get back to its best, at least as Google Trends data signals.
Bitcoin (BTC) inverse relationship with COVID-19
According to Google Trends data, Bitcoin’s price is showing an inverse relationship with Corona Virus searches on the search engine. As Corona Virus searches go up, Bitcoin price has dropped to 10-month lows but it may prove a silver lining to the top digital asset.
Currently at $5,488 USD, representing a 5% hike over the past 24 hours, BTC is showing signals of a possible bullish run in the coming days. Accelerated medical efforts to contain the virus will surely change the fearful nature of the market setting a bullish market for BTC.
At the start of the mass education on the COVID-19 pandemic, the price of BTC against the dollar remained rather stable – maintaining the $8,000 USD level as other global assets collapsed. The S&P 500 faced its lowest daily drop in ever; DOW Jones faced its second lowest points drop; and the overall global markets turned bearish. So bad has the situation become that a rush for food and toilet paper has become a necessity across affected areas.
One thing that is becoming clear is that the investors are moving away from a risky asset in times of global uncertainty. Cash becomes more attractive in times of global uncertainty and pandemic as fear rises.
Is a boost to $8,000 USD possible?
As seen in Wuhan and other early areas to detect the virus such as South Korea, the infection curve has finally changed direction, giving hope to the greater financial market. Taking care of your health is a big factor in the overall growth and recovery of the Bitcoin market it seems.
The technical analysis charts are slowly turning bullish showing signs of a reversal after the three-day capitulation to $5,100’s level.