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This Friday the 13th took full effect on the BTC market. Amidst the COVID-19 chaos, BTC had the third largest price drop in its history, falling down  -37.53%. Although the price is still up 36% from last year, it has caused hysteria in the bitcoin community.   

Will bitcoin find support at the 200-week moving average?

Arcane Research delivered a special addition ‘The Weekly Update‘, Friday afternoon to try and decipher what has happened. According to the ‘Weekly update’, there is no technical analysis that can explain the price drop.

They also reported that the bitcoin price smashed through most moving averages this week. This is even though the 200-weekly average that acted as support when bitcoin bottomed out in 2019.  

Will it once again be a support level for the bitcoin price? 

If not, the levels around $4,000 may be a possible support level. This level has historically seen a lot of trading activity. 

It will be interesting to see what the next week brings!

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