Bitcoin rises above $ 9000 due to stocks drop amid fear of coronavirus spread

Bitcoin today continued its upward movement and managed to overcome the $ 9000 mark. The growth is associated with a decline in the stock markets due to the risks of the further spread of the Chinese coronavirus.

Over the past day, the BTC Bitcoin added 3.5% and bypublication time is trading at $ 9,018. During the day, the course peaked at $ 9186, but the bulls held back the subsequent rollback and still hold the chart above $ 9000. Considering today's rise, in January the coin grew by 25%

Some analysts attribute such a stable appreciation to the negativethe effect of coronavirus on traditional assets. For example, on Monday, the Dow Jones Industrial Average index fell by more than 450 points, as the shares of shipping companies fell because of fears that the epidemic will spread around the world and have a negative impact on economic growth. Therefore, some investors choose Bitcoin to diversify portfolio risks. This is also due to the fact that the price of gold this week rose by only 0.65%.

However, others argue that ultimatelycoronavirus can have a negative impact on the cryptocurrency market, as eastern traders may not want to reinvest in cryptocurrencies after the Chinese New Year, as they will not be able to lower the rate now.

On the chart, Bitcoin looks weakened,as the relative strength index indicates bearish divergence and subsequent correction, and the MACD indicator reflects the gradual strengthening of downward momentum. Therefore, a rollback to the level of $8,750 is possible in the near future. If it breaks through, the next level is around $8,550. A rise above the recent high of $9,186 will help strengthen positions.

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