Bitcoin is still lingering in the low-$5,000s as we enter the sixth day since the bloodbath that brought the global cryptocurrency market to its knees. However, even as the market bleeds, recent Google data shows that more people than ever could be planning on entering the market.
That, and more, in this BeInCrypto news roundup for March 17, 2020.
This Bitcoin Indicator Predicts a 40% Price Increase
The Stochastic RSI recently dipped below 20 for the ninth time since Dec 2017. Interestingly, seven out of the last eight times that BTC crossed this threshold, it pumped shortly afterward. It might not transpire for a few more weeks, though, and does not definitively signal that BTC has hit the bottom yet.
Don’t Count Bitcoin Out Yet, Even Gold Plummeted During 2008 Financial Crisis
Clearly, Bitcoin didn’t hold up particularly well during the Coronavirus-induced selloff. However, a look at how safe-haven assets perform historically hints that the cryptocurrency may enjoy a strong rebound as the dust begins to settle. Following the 2008 financial crisis, for example, gold spent the next three years rising to its most recent all-time high.
Gold is not faring much better during the current slowdown either. The losses in the gold market earlier this week were 5x greater than the size of the entire Bitcoin market. So why single out Bitcoin only?
Google Data Shows People’s Interest in Bitcoin Has Surged
As the market continues to bleed over the past few days, one interesting pattern emerged from recent Google search data. As it turns out, ‘Buy Bitcoin’ briefly topped ‘Buy Gold’ in terms of Google search volume last week. There’s only one plausible explanation.
Perhaps, now that the BTC price is down, a sizeable number of people out there are considering entering the market. This should provide some comfort to those reeling from the dramatic market moves of late.
BTC Hash Rate Falls Drastically Amid Coronavirus Pandemic
Although not perfect, Bitcoin’s hash rate is often seen as a key metric to assess the security and overall health of the network. Bitcoin’s hash rate, which has historically ticked upward, is currently on the decline in the wake of the COVID-19 pandemic. Expectedly, it has caused some worries in the community.
Trump Administration Pushes Plan to Send Americans Checks
The U.S. government has set its sights on lining its citizens’ pockets with cash as part of a whopping $850 billion stimulus deal in its latest attempt to combat the Coronavirus. While it’s not Bitcoin, the ‘free money’ still has the potential to bolster the cryptocurrency market, depending on how people choose to spend their funds.
Bitcoin Miner Game Strikes a Chord with Crypto Community
The Lisk cryptocurrency community has been looking for a distraction from the recent downturn in the markets, and they just may have found one in gaming. Perhaps that’s why a new Bitcoin game is getting so much attention on social media.
BNB Attempts to Hold Onto Support
The BNB price has been decreasing since reaching a high of 481,340 satoshis on April 20, 2019. On Sept. 21, the price reached the 190,000 satoshi support area. While it has attempted to initiate several upward moves, it has fallen back to this level each time.
Bitcoin Price Analysis
- The Bitcoin price is trading inside a short-term range of $4,400-$5,600.
- It has possibly created a double-bottom.
- The RSI is bullish.
- The price has bounced off a descending resistance line.
- There is long-term resistance at $6,800.