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Bitcoin held steady around the key support area of $7,800 on Tuesday and even went up by $300 to break cleanly above $8,000 for some time. However, bears seem to have rejected the bounce-back as the benchmark cryptocurrency has already retreated to the high-$7,000s where it is currently trading.

As for the long-term prospects, some analysts believe that Bitcoin is bullish so far as it stays above a certain long-term moving average. More on that and other important developments in the world of cryptocurrencies on today’s crypto news roundup for March 10.

One interesting aspect to have come out of Bitcoin’s recent woes is that despite the sharp drop, its stock-to-flow (S2F) ratio has maintained a relatively consistent level. That is significant considering the S2F model is particularly bullish since it predicts that BTC will inevitably embark on a major really following the next halving, due in May 2020.

Comparatively speaking, the S2F seems credible given that prices have more-or-less matched the model precisely during the previous two halvings in 2012 and 2016. The model has seemingly been unaffected by the recent market bloodbath and should instill some optimism among Bitcoin bulls during these testing times.

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Throughout its history, the BTC price has bounced on its 200-week moving average (MA) numerous times — most recently in December 2018. The MA is currently slightly below $6,000.

Here, our technical analyst Valdrin discusses how staying above this particular long-term moving average is key to Bitcoin’s long-term bullish prospects.

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Both Bitcoin and conventional assets such as stocks are currently down against the backdrop of the ongoing oil price war and the coronavirus outbreak. However, look carefully and you will see that the slowdown in both asset classes does not necessarily have a correlation as such.

This is important considering there is evidence that Bitcoin is slowly in the process of building its own, independent financial ecosystem.

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With the current global economic slowdown threatening to devolve into a full-fledged recession, analysts are carefully examining the rapidly deteriorating status quo in the energy sector. The last thing the economy needs right now is a full-blown crisis in an industry that is often said to have a tight grip over all things geopolitical.

Amid all that, any hope that Bitcoin could emerge as a viable alternative to the faltering mainstream economy has also evaporated as the alpha-cryptocurrency is itself struggling. Will the 2020 halving bring any relief?

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The current slow down aside, the decentralized digital economy has huge potential in several financially struggling parts of the world, including the Middle East. More so now than ever considering that the sudden oil price war and the coronavirus pandemic have battered both the markets and public confidence in the Middle East’s economic prowess.

With indices and oil prices dropping, there should be no better time for digital currencies to take hold.

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Many market observers believe that the sudden plunges will force central banks around the world to print more money. Despite its short-term effectiveness in stimulating the economy, the printing/creation of money during a financial crisis comes at a cost. More importantly, this is a cost that has to be borne by all users using that currency.

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XRP seems to have reclaimed the bottom of its range and is possibly looking to start an upward move over the short-to-medium haul. XTZ, having broken out from a long-term resistance zone, is currently trading within a symmetrical triangle. Odds are relatively high that it will eventually break out and kick off another rally.

Meanwhile, ADA has reached a strong support area and should bounce back soon. The short-term outlook looks bullish, although nothing concrete can be said about the long-term.

Meanwhile, the BTC price is possibly trading inside an inverse head-and-shoulders pattern.

Read the Full Analysis: BTC, XRP, XTZ, ADA

The post Crypto News Roundup for March 10, 2020 appeared first on BeInCrypto.

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