As the Coronavirus pandemic continues to unfold, markets, both traditional and crypto, remain highly unpredictable. Even gold has failed to provide safety for investors and Bitcoin (BTC) is undergoing a demanding exam as a new asset class in an unprecedented health and financial crisis.

Crypto market daily performance. Source: Coin360

Crypto market daily performance. Source: Coin360

As traditional markets gear up for another week of turbulent trading, volatility is expected to return to the crypto market too. However, with rumours of U.S. stock trading halting completely, it's difficult to say how the crypto market will acquit this coming week.

Although Treasury Secretary Steven Mnuchin has previously stated that markets volition remain open, desperate times may call for desperate measures. If these rumours materialize, cryptocurrencies could prove to be the only alternative to traditional markets.

How is Bitcoin holding up?

BTC USD weekly chart. Source: TradingView

BTC USD weekly chart. Source: TradingView

One of the major toll points to be aware of is the $5,400 marking. If Bitcoin falls below that level, it will be a very bearish scenario for crypto equally a whole. Although the toll rose to a daily high of $6,400 on Sunday, a close above $5,900 is necessary.

BTC USD daily chart. Source: TradingView​​​​​​​

BTC USD daily chart. Source: TradingView

Currently the Moving Boilerplate Convergence Divergence (MACD) is showing some consolidation on the daily and weekly charts. For traders this is typically a good signal to buy on and assuming this continues, things could look quite bullish for Bitcoin.

BTC USD daily chart. Source: TradingView​​​​​​​

BTC USD daily chart. Source: TradingView

If the toll breaks above the $6,200-$vi,400 before the weekly close, investors volition await for a run to the $half-dozen,900-$vii,000 resistance, although chances of that happening today seem depression.

Investors remain extremely bearish

Currently, the Crypto Fear and Greed Index shows a reading of 11 which represents farthermost fear. Although it'south upwards 2 points in the previous few days, this still shows farthermost fear in the markets. If selling pressure level leads the price to break below the $v,900 marking, Bitcoin may test the $v,400 support over again.

Crypto Fear & Greed Index. Source: Alternative.me

Crypto Fear & Greed Index. Source: Alternative.me

Another bearish feature to note is the potential head and shoulders pattern that may be starting to form if the price drops below the same $5,400 back up. This could atomic number 82 Bitcoin to retest the $3,800 support again.

BTC USD daily chart. Source: TradingView

BTC USD daily chart. Source: TradingView

Looking forward

Overall, Bitcoin has been performing well since the March 12 correction and it may proceed to do so equally investors expect for quality prophylactic-haven investments.

Supposedly, Bitcoin was designed for a crisis, and the current financial meltdown may be its biggest exam yet.

As Genesis Mining head of operations, Philip Salter recently told Cointelegraph:

"If this economic crisis is contained, so it will non have major implications for Bitcoin. Nevertheless, if there is a real collapse, then the interest in Bitcoin volition explode. It will go back to being seen every bit a hedge against the cyberbanking organization. The more skepticism people volition have in the old economic system, the more they will flock to Bitcoin."

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading motility involves risk. Y'all should conduct your ain inquiry when making a decision.