Amid a huge stock market correction across multiple markets, Bitcoin found itself staying pretty steady. The Bitcoin bulls found their good place and are trying to reverse the asset's course from the drop that happened this week. The novel coronavirus, named COVID-19, has caused markets around the world to drop. Public health experts expect that COVID-19 is here to stay, and it has created a real threat to human health.

For the day on February 27, the Dow Jones Industrial Average had a decline of 4.4 percent, or around 1,100 points. It also had a lost of 10 percent for the past week. The NASDAQ Composite fell 4.6 percent on the day, and the S&P 500 also dropped 4.4 percent. These one-day drops represent the biggest single-day declines in the past 10 years.

As for Bitcoin, its price is reaching for the 200-day moving average after dropping to a same-day low of $8,509. It looks good for a recovery as support at this level is holding steady. The moving average convergence/divergence is trying to pull it out of possible overselling.

Earlier on February 27, the relative strength index went up to 23. This is higher than the 20.8 from December 20, 2019, but lower than it has been through most of 2020 thus far. Traders also noticed that the histogram bars suggest a higher purchasing volume of Bitcoin.

Another positive outlook for Bitcoin is that traders managed to retake the 200-day moving average. However, it did drop below that point by the end of trading on February 27. It is also lower than the high volume node and the 50-day moving average. Not many are surprised about this because the $9,500 level had a lot of resistance.

The pullback may be related to the drops in traditional markets, which suffered massive losses for the day. Trading volume will tell the story of whether or not Bitcoin will be able to maintain its $8,500 value and reverse its losses. One analyst thinks Bitcoin will drop more, lowering to around $7,400 by the time the markets are able to settle down.