- Bitcoin, at the time of writing this analysis, was trading around $6,200 after breaking the subtle uptrend around $6,400, below 50.0% Fib Retracement level
- BTC price currently lacks support from 50-day and 200-day daily moving average due to current price accumulation
- When the coin slid below $4k at $3,800, the RSI slid in the selling zone for the first time in the month until the time of writing
- The current trading price of the BTC has soared by over 60% in less than 30 days from the yearly low, which marks a notable recovery and support amidst the economy crash
Analyzing the Bitcoin price trend against the greenback, we see that the currency started a notable recovery after hitting the yearly low. The price recovered and had hit $6,900 while reversing the bearish trend of the month. The bullish yet accumulating price trend has lost the traction and support from the imminent moving averages. However, as per Bitcoin price forecast, the recovery of the BTC could not rise above the 61.80% Fib Retracement level.
Moreover, important to note that Bitcoin and the major altcoins of the global crypto market have remained afloat and are standing great support amidst the recession that has broken out because of the pandemic. Also, many coins of the market are facing a tough price accumulation and have turned flat, bearing the same momentum for the technical indicators of the BTC.
The MACD of Bitcoin is appearing flat and has lost the farfetched gains as the Bitcoin price accumulated above $6k, while the RSI lies at 43.78 forbearing from any trading extremities.