US stock and Bitcoin tumbled…The digital currency may show great volatility soon

US stock ended lower due to the anxiety over the spread of COVID-19, the US unemployment and the fall of China stocks. On 16th(ET), in the New York Stock Exchange(NYSE), Dow Jones Industrial Average 30 Index traded at 26,734.71, slid 0.5% compared to the previous trading session. S&P 500 Index ended at 3,215.57, decreased 0.34%; the Nasdaq Composite Index recorded 10,473.83, dipped by 0.73%. US Blockchain stocks lowered 0.17%.

For the last 24 hours, Bitcoin(BTC) traded at 9,100 level, decreased by USD 100. For a week, BTC price had no change, flattened between USD 9,100 and USD 9,400.

"As Bitcoin failed to move upward, it declined on major indexes, including the Moving Average Convergence/Divergence (MACD). Bitcoin may dive below $9,000 and test support at $8,830. On the higher side, a high-volume move above $9,350 is needed to revive the case for a rally to $9,800," anticipated Coindesk.

"If BTC move above USD 9,300, succeeding in defending the USD 9,200 level, its price can rise USD 9,600 in short-term," said Michael van de Poppe, a cryptocurrency analyst.

"BTC remains at the 20-day MA(the level of 9,259), and RSI shows no sign of improving. Such trends indicate that BTC bulls and bears are waiting for the next change. While bulls are trying to rise the price to the resistance zone between USD 10,000 and USD 10,500, bears want to fall the price to the main supporting line at USD 8,130.58. For a while, BTC is highly likely to be traded between USD 8,130.58 and USD 10,000," explained Cointelegraph.

"BTC’s daily volatility is hitting its lowest since March, 2019, and the 60-day MA is the fifth-lowest level after the launch of BTC. The cryptocurrency would show large volatility soon," reported G.Crypto. "BTC price recorded between USD 9,000 and USD 10,000 for recent couple of months, and the volatility was sharply fallen, recording the lowest level. Its volatility is likely to move upwards," suggested Coindesk.

Investors still fear the digital currency trade. Fear & Greed Index, provided by Alternative, recorded 43, decreased 1 point compared to the last session, remaining fear level. A value of 0 means "Extreme Fear" while a value of 100 represents "Extreme Greed".

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