Bitcoin (BTC) was fighting to keep support at a primal level on Feb. 27 as markets worldwide continued to suffer from fears over coronavirus.

Cryptocurrency market daily overview. Source: Coin360

Cryptocurrency market daily overview. Source: Coin360

The brand-or-intermission moment for BTC bulls

Data from Coin360 and Cointelegraph markets showed BTC/USD fluctuating around its 200-day moving average (200 DMA) only beneath $eight,800.

Equally Cointelegraph reported on Wednesday, the 200 DMA is seen by analysts as an of import factor in determining the health of Bitcoin's bull marketplace.

Should support give fashion, Cointelegraph Markets annotator filbfilb warned, the impact for traders could be "meaning."

At printing time, volatility remained considerable, with BTC/USD dropping as low as $8,570 on the twenty-four hours, downwards from $9,200 24 hours previously.

Bitcoin 1-day price chart. Source: Coin360

Bitcoin 1-day toll nautical chart. Source: Coin360

Attention connected to focus on Bitcoin'southward relationship to coronavirus — having risen as its spread accelerated, the cryptocurrency after began showing signs that information technology could ultimately suffer from further panic.

"It does announced that particularly newsworthy (and tragic) days related to this subject field do seem to have some correlation with toll of #crypto projects," analytics service Santiment commented on Twitter earlier in the calendar week.

Analysts added that the correlation "does non appear to be a positive one."

"Purchase the dip opportunities everywhere"

For swain Cointelegraph Markets analyst Michaël van de Poppe, however, Bitcoin was going cheap.

"Hovering above the 200 MA here, which is an essential moving boilerplate to concord + the adjacent support level subsequently $9,400. Total market capitalization also on a key support level for S/R flip + 200 MA," he told Twitter followers in a fresh update on Thursday.

"Buy the dip opportunities everywhere."

Filbfilb meanwhile added that both stocks and Bitcoin had become a "bargain basement" thanks to coronavirus. He was now long BTC, he told subscribers of his Telegram trading aqueduct.

Altcoins rein in losses

Altcoin markets connected their fall later on poor performance on Wednesday only managed to avert a echo of the double-digit losses.

Ether (ETH), the largest altcoin by market cap, fell 3.5% to trade at $228.

Ether 7-day price chart. Source: Coin360

Ether 7-24-hour interval cost chart. Source: Coin360

Others lost up to 7%, while a handful of altcoins reversed their downtrend altogether. Tezos (XTZ) and Chainlink (LINK) were up 4.three% and 5.9% on the day respectively.

The overall cryptocurrency market cap was $251.1 billion, with Bitcoin'southward share at 64%.

Go along rails of height crypto markets in real fourth dimension hither