Bitcoin (BTC), at the time of writing, was seen hitting the intraday high above $6,400 after hitting a weekly low around $5,800. Yet, this was quite an anticipated dip that was lined up after the price of BTC faced a “death crossover” and price accumulation above $6k and $6.5k over a period of 7 days. However, the dip seemed to have been temporary as the price of the coin has again surged to $6.3k after two days of the correction below $6.5k. Bitcoin is retaining its strong support at $5.8k, and further fall is likely to bring back the bear market and aligned losses.
Moreover, the financial crisis has taken the ground as the investment assets have faced the major blows of all times due to the spread of Coronavirus all over the world. The greenback is now the new safe haven as people fear liquidity crunch in the upcoming days.
Bitcoin Price Analysis:
Analyzing the intraday movement of BTC/USD, we see that yesterday’s fall was obvious and anticipated due to technical force or the “death crossover” complexity that was building up in the global crypto market. However, the first day of the week started with an uptrend as the price of BTC soared as high as $6,428.17 and regained support from 50-day and 200-day daily moving average. Moreover, the 20-day Bollinger Bands are showing up no extremities as of now. Therefore, we do not anticipate an unusual blow in the near future for Bitcoin.
The technical indicators laid on the intraday movement of the coin appear slightly bearish as the price has slightly plummeted below the intraday high, and thereby, we see the signal line crossing above the MACD line.
While the RSI of the BTC is at 52.46 and holds no trading extremities at present.