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The cryptocurrency market, which successfully rebounded on the morning of the 16th of March, turned into a bear market again. Bitcoin broke the $5,000 line and is now settling just above the $4600 price level.

The entire cryptocurrency market is continuing to register massive losses. It is not even a month ago when Bitcoin was trading more than $1,450 (on Feb 13), but look at it now crawling in a price range of $7,600 - $7,900. That means that BTC alone has managed to decline by over $6,100 (declined almost by a half). And it brings more worry and loss of hope among the cryptocurrency community.

Yesterday (March 9), the cryptocurrency market started with the price of most stocks plummeting. All of the top 10 stocks fell, and 96 of the top 100 received a red light, meaning a drop.

Despite recent fluctuations in traditional asset markets such as stock and bond yields, Bitcoin is closing its week in a stable flow. As global uncertainty arising from the coronavirus outbreak, the possibility of BTC falling again should not be ruled out.

While the cryptocurrency market declined overall, the 10th largest coin by market capitalization, Tezos (XTZ), fell 9%, the biggest drop among the top 10 cryptocurrencies. The world’s original altcoin Bitcoin (BTC) has also plummeted by over 4 percent. Tether (USDT) has continued to trade in green for the past one week and it currently has the biggest daily volume of $47.73 billion and the supply of 4.64 bln.

On March 2nd, the technical indicators of Ethereum showed oversold over the weekend and recovering. The Relative Strength Index (RSI), a technical indicator of Ethereum, entered the oversold (O/S) segment and then escaped the segment on the 2nd.

Today, the world’s leading cryptocurrency, Bitcoin, has entered the oversold region. In the last 24 hours, the digital asset in question – Bitcoin - has managed to plunge more than 5%, reaching a low of round $8,500 price level. Also, the money flow index (MFI) was 19.2 and the relative strength index (RSI) was 27.7, as of 00:00 UTC on Feb 27th.

Investor and analyst interest in derivatives (futures) has been rising significantly since bitcoin (BTC) derivatives trading volume hit an all-time high last month. According to CME Group data, on January 16, there were 5,328 contracts for outstanding futures, amounting to 26,640 BTC (approx. US$237 million). This figure is said to be the highest since CME futures were first introduced in December 2017.

The world’s oldest blockchain-based cryptocurrency, Bitcoin, is in the process of compacting at $1,300 ahead of the US holiday weekend. BTC broke through $1,500 this week, but did not stay long enough to retreat. But the week ends with a safe defense of $10,000 psychologically and technically significant.