Extreme Fear Grips Markets Despite Oversold Bitcoin Price Metrics

Compared to the trading action of earlier this week, Bitcoin’s (BTC) price was relatively muted on Saturday as the digital asset traded between $5,045 and $5,641. Although the digital asset dropped more than 50.8% on March 12, it has since regained 37.5% to trade at $5,200.

Many in the crypto space are still attempting to piece together a narrative that explains the carnage of the past week and for the time being, the weekend closure of major equities markets appears to be mitigating some of the Coronavirus fear, which has negatively impacted both markets for weeks.

Some traders and analysts continue to point accusatory fingers at BitMEX, claiming foul play on their part allowed the situation to escalate to near catastrophic levels. At the time of writing, there is a neutral Doji candlestick on the daily timeframe, showing traders remain uncertain on the direction the price may take and the candlestick by itself is neither bullish or bearish.


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