Bitcoin: BTC Might Have Already Topped Out (February 2020)

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Bitcoin continues to trade below $10k and the probability of a decline has now increased further with the bearish outlook of the stock market becoming more and more clear. Concerns over the Coronavirus outbreak in Europe has taken the markets by storm and we saw the S&P 500 (SPX) close below the 50-day moving exponential moving average for the first time since the beginning of the year. This is a major development and it indicates that we might see a similar reaction in the cryptocurrency market sooner rather than later. BTC/USD has closed below the 50 EMA on the 12H chart but we have yet to see a decisive move to the downside.

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