Bitcoin Tests $8.8K as Coronavirus Makes Stocks 'Bargain Basement'

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

The make-or-break moment for BTC bullsData from Coin360 and Cointelegraph markets showed BTC/USD fluctuating around its 200-day moving average just below $8,800.

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

Should support give way, Cointelegraph Markets analyst filbfilb warned, the impact for traders could be "Significant."

"Buy the dip opportunities everywhere"For fellow Cointelegraph Markets analyst Michaël van de Poppe Bitcoin was going cheap.

"Hovering above the 200 MA here, which is an essential moving average to hold + the next support level after $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.

Filbfilb meanwhile added that both stocks and Bitcoin had become a "Bargain basement" thanks to coronavirus.

Altcoins rein in lossesAltcoin markets continued their fall after poor performance on Wednesday but managed to avoid a repeat of the double-digit losses.

Ether, the largest altcoin by market cap, fell 3.5% to trade at $228.Ether 7-day price chart.

The overall cryptocurrency market cap was $251.1 billion, with Bitcoin's share at 64%.Keep track of top crypto markets in real time here.