Bitcoin is an investment of choice for millennials during coronavirus pandemic

  • Bitcoin's short-term recovery is limited by a critical resistance of $9,000.
  • Millennials consider Bitcoin as a preferable investment tool along with gold.


BTC/USD is hovering around $8,800, down from Monday's low registered at $8,974. The first digital asset came close to the critical resistance of $9,000 but reversed back inside the range as the upside momentum faded away on approach to the significant technical level. BTC has bee range-bound with a bearish bias on Tuesday, down 1.5% since the beginning of the day.

Millennials bet on Bitcoin

Millennials are more likely to choose Bitcoin as an investment during economic uncertainty caused by coronavirus pandemic, according to the recent research carried out by iTrustCapital.

Experts of the trading platform for cryptocurrencies and physical gold asked respondents about the assets they would choose during a pandemic outbreak of the coronavirus. Notably, gold was the asset of choice in all age-groups. About 44% of the participants said they would invest money in the precious metal. However, people aged from 30 to 44 were twice as likely to buy Bitcoin than any other age group. The results of the survey confirm the conclusions of the previous reports. Thus the experts of 2gether found out that over 55% of Bitcoin users are people aged 25 to 45. Also, the survey conducted by a social investment platform eToro in September 2019 revealed that 40% of millennials would invest in cryptocurrencies to hedge against recession.

BTC/USD: Technical picture

On the intraday chart, the initial support from BTC/USD is crated by a confluence of SMA50 and SMA100 1-hour located on the approach to $8,700. This level is likely to slow down the short-term bears; however, if it is broken, the sell-off may gain traction and take the price towards the next support of $8,600.

The recovery is capped by SMA200 1-hour at $8,950, closely followed by Monday's high at $8,974 and psychological $9,000. This is an ultimate short-term target for Bitcoin bulls, that needs to be taken out to mitigate the initial bearish pressure and bring BTC back on the recovery track. 

BTC/USD 1-hour chart


 

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