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Bitcoin dropped to a 4-week low of $ 8,400 when it closely followed the target of Stock-to-Flow

Bitcoin price struggled to hold support of $ 9,500 to prevent a trend reversal

The price of Bitcoin (BTC) fell to its lowest level within a month on February 28 after suffering from strong selling pressure for the second day in a row from the bears.

Overview of the daily cryptocurrency market. Source: Coin360
Overview of the daily cryptocurrency market. Source: Coin360

Bitcoin price clung to $ 8,600

Data from Coin360 and Cointelegraph Markets shows that the BTC / USD pair reached a 4-week low of $ 8,455 on Friday.

At the time of writing, volatility has skyrocketed across exchanges, with Bitcoin falling about 3.3% overnight after fluctuating around $ 8,600. The total weekly loss is nearly 12%.

1-day chart of Bitcoin. Source: Coin360
1-day chart of Bitcoin. Source: Coin360

Analysts had expected the leading cryptocurrency to protect the 200-day moving average at about $ 8,800. However, this failed to open up the potential for what CoinTelegraph filbfilb analyst described as an “important issue”.

Bitcoin's decline occurred at the same time that traditional investments saw a horrible day. The Dow Jones index recorded the biggest loss in history on Thursday.

The agent behind is thought to be due to the corona virus, the spread of this virus has become more severe outside the Chinese epidemic. Although the US government takes risks lightly, as Toiyeubitcoin reported, traders are confident that the US Federal Reserve will likely cut interest rates this year to boost economic growth.

However, at close to $ 8,600, Bitcoin is still operating in line with technical expectations. A well-known stock-to-flow (S2F) Bitcoin price prediction model suggested the average for the BTC / USD pair to be $ 8,606 until the halving event in May.

"A few weeks before each halving, #Bitcoin touched the model price # S2F. This time is no different, "said CryptoKea analyst write on Twitter.

Despite criticism for its model, PlanB, the creator of the stock-to-flow model, is still adamant with its long-term goal for Bitcoin. If true, the price of Bitcoin could be at $ 100,000 between 2021 and 2024.

Altcoin continues to fall in price

Most major altcoins show a 2% to 5% drop on Friday. Only Chainlink (LINK) and Huobi Token (HT) make a profit.

Ether (ETH) – the largest altcoin by market capitalization, has decreased by Bitcoin – losing 3.1% to trade at $ 221.

7-day chart of Ether price. Source: Coin360
7-day chart of Ether price. Source: Coin360

The total market capitalization of cryptocurrencies is at 244.5 billion USD. CoinTelegraph analyst Michaël van de Poppe warned that if the $ 244.5 billion level cannot be reversed, his next short-term goal is below $ 200 billion.

"If this level is not held, it will create a powerful S / R upturn. If not, I will target the next $ 195 billion, "he said write on Twitter.

Bitcoin's market dominance index is almost unchanged at 64.1%.

Readers can update BTC rates and more than 2,000+ cryptocurrencies in real time here.

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According to CoinTelegraph
Translated by ToiYeuBitcoin

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