Bitcoin SV

If the bears can sink the price below $8,400, a drop to the next support at $7,856.

With the recent fall in Bitcoin, the price action has been exactly following the popular stock-to-flow Bitcoin price forecasting model designed by PlanB. He expects the price to average about $8,650 until Bitcoin's halving in May. It would be interesting to see how Bitcoin behaves if the coronavirus scare persists.

The failure to push the price above $9,000 is likely to attract another round of selling that can drag the leading cryptocurrency to the next support zone at $8,240.

BTC/USD. Bitcoin has broken below the small descending channel and the psychological support at $9,000.

Changpeng Zhao, the co-founder and CEO of major cryptocurrency exchange Binance publicly expressed distrust towards self-proclaimed Bitcoin creator and Bitcoin SV founder Craig Wright.

If the price breaks out of the channel, the bulls can carry the price to $10,500.

Binance CEO Changpeng Zhao believes that the upcoming Bitcoin halving has not been priced in to the digital asset's current price action.

Currently, the price is back above $10,000 and the bulls are likely to attempt a breakout of the overhead resistance at $10,360.

Currently, the bears are attempting to sink the price below the 20-day EMA. If successful, the BTC/USD pair can drop to the next support at $9,097.

If the price consolidates close to the current levels for a few days, the uptrend is likely to resume.