BitcoinPrice Analysis

Bitcoin Dips Below $5k for 2nd Time in 7 Days; Confirms the Bearish Pull

  • Bitcoin price dips below $5,000 just a few minutes ago after three days of price accumulation around $5,000
  • Within 2 days, BTC has recorded the highest at $5,991 while the lowest at $4,894.39, just minutes ago, from the time of writing
  • The 20-day Bollinger Bands laid shows the prevailing bearishness and project about the upcoming volatility as the BTC price trend breaks through the lower band with red candlesticks formation
  • There happens to be strong resistance at $5,350, with the current trading price being $4,900

Bitcoin price crashes below the immediate support as it breached a $5,000 price area. The markets worldwide have been digging deeper losses as Coronavirus spreads massively.

And, with respect to BTC and the whole crypto market, there is extreme fear and risk prevailing, proving “Higher the Risk, Higher the Return” true. This is rightly giving a maximum financial opportunity to invest at the lowest and earn while the market gets back to power.

However, if or not the market is getting back to its original form, we believe Bitcoin price to spike as the halving nears. Taking note of the price hike that happened before the previous halving session, we are likely to have a bullish crossover soon.

Bitcoin Price Analysis

Bitcoin News
BTC/USD Chart By TradingView

Taking a glance at the price movement of Bitcoin against the US Dollar on Coinbase, we see that the coin had almost a flat movement with a few intermittent highs and lows over the past 48 hours. After the crypto market faced the dramatic fall in the previous week, BTC has its major resistance formed at $4,000. The 20-day Bollinger Bands laid project about volatility in the upcoming days with an extended bearishness as there seems to be no chance of recovery any soon. The coin has retained no support from the 200-day and 50-day Moving Average amidst the bearish run due to the sudden blow.

BTC News

If we take an emphasized look since the start of the day, today, we see that there was a price accumulation until the BTC price slid below $5,000 again for the 2nd time over the past 7 days. Highlighting the bearish pull that prevails in the market, RSI of Bitcoin slides below the major support at 30 and lies at 27.46, while the MACD holds a bearish divergence as the signal line crosses above the MACD line.

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Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.
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