Due to the Corana virus, the demand for cash dollars is increasing. Bitcoin returned to its downward channel with huge wave of sales experience in all markets (12 March 2020).
Technical analysis may not work in such cases. However, $4786-4637 levels are a significant support for Bitcoin right now. When it drops below this level, it can see $3787 level which it tested on 13 March 2020 and we can see 3400-3100-2900 or even 1850 dollars if we stay below $3787 and if a new panic occurred.
$5000 levels are appetizing for long-term investors who believe in the story of Bitcoin. On the other hand, it would be healthier for traders to be cautious and make partial purchases.
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