- Bitcoin crashes hard as it hits the price area around $6,500; currently in a temporary upward correction phase
- The downward stride has been swift as the coin slid below $8,000 to $6,500 within just 5 days
- Supports remain totally inactive, while BTC loyalists and enthusiasts remain hyperactive
BTC continues to trade with a massive drop in the trading price but is always supported by its loyalists and lovers who are currently hopping to trade as the price seems to have a temporary upward correction. However, the crypto market condition is insanely bearish, and the supports have become slothful.
Bitcoin (BTC) Price Analysis:
Analyzing the 5-day movement of BTC/USD on Coinbase, we rightly observe the falling momentum of the pair. Bitcoin is now in its 2nd loss-making week wherein the loyalists and BTC whales are inherent as always which is letting the coin keep up. The coin has dipped notably by over 20% in the said 5-days duration from trading at $8,197.82 to bottoming out at $6,548.50.
Fortunately, the current trading price of BTC is supported by the 10-day Moving Average around $6,700 but has no supports from the long-term moving averages viz., 50-day, and 200-day.
The immediate wide opening of 20-day Bollinger Bands shows that the volatility still exists, and the inverse red candle formation exhibits the bearish outlook. There have numerous downside breakouts wherein the price trend has hit the lower Bollinger Band.
The MACD of Bitcoin is running below zero but has a slight bullish crossover, embraced by the loyalists and whales who have hit the trade under slight price correction.
The RSI is at 52, which remains the major highlight and shows no extremities at present. Despite the bearish outlook, BTC might cross $7k price level as per our Bitcoin forecast as well as the current price trend.