Monday broke records for the oil market with crude oil futures trading at a negative price for the first time in history. Coronavirus has had a huge effect here with it completely drying up the demand. The collapse in the oil industry (black gold) has put extra pressure on the financial global market with stocks and cryptocurrencies both taking a hit.
At the moment of writing this article the price of Bitcoin is currently trading at $6,830 on the Binance exchange. The largest cryptocurrency struggled to break resistance yesterday at $7,200 and followed to fall to $6,751 the lowest point of the day.
Will the Bitcoin market be able to stay in a bull trend or will the extra pressure bring the bears?
The predictions are varied with different analysts disagreeing or its short term path. Chris Thomas, digital assets at Swissquote Bank believes the digital assets at Swissquote Bank believes the price will drop to $6,400 before rallying again.
In contradiction the pseudonymous strategist known as Dave the Wave who correctly predicted 2018 crash believes the mining halving which is just around the corner will give bitcoin the boost it needs to break its resistance of $7,200.