And what really happened while you just blinked your eye? Bitcoin was crumbling in red during the Asian market trading hours, and while we near the end of the trading day, the latter have breached irresistible lows, while the former just formed a green trading candlestick above $6k.
Impressively, BTC price has spiked above $6k for the 3rd time in the span of 7 days amidst the ongoing global crisis when even the safest haven–Gold couldn’t standstill. However, Bitcoin seems to interchange the position as it records over 9% gain in just few minutes from slaying around $5,800 to an intraday high at $6,350.
How high does $BTC need to pump right now for everyone to turn bullish?
— The Crypto Dog📈 (@TheCryptoDog) March 23, 2020
Well, time and again Bitcoin has proved its worth and today was no exception when the worldwide markets crash yet BTC pumped, not to neglect the inherent volatility.
Hahahah so apparently those CTs who shorted $6100 closed their positions at $5800 and flipped long.
— Dark Lord (@DarkCryptoLord) March 23, 2020
While Bitcoin continues to confuse with its unprecedented price movements, we believe going short could be the last option amidst such a market.
Bitcoin Price Analysis
The intraday movement of BTC/USD has experienced an impressive hike of 9% in a few minutes, just before writing this analysis. Nonetheless, the intraday movement has been quite a gainer for the investors as the coin regains support from the 10-day, 50-day, and 200-day MA. A further rise is likely to hit a double top and multiple highs beyond $6,400 and $6,500 price zone.
Analyzing the half-hourly movement of Bitcoin against the US dollar, we see that the BTC Current Price hike in the price of the coin was quite unpredictable after it recorded a double bottom around $5,600 in 4 days. With a weekly resistance formed at $6,990, BTC price kept accumulating after it slid below $6k, with a few candlesticks formed on the downsides.
The technical indicators laid show an impressive hike as the MACD of Bitcoin crosses above the signal line, with RSI ranging at 73 and is rightly hitting above the overbought region above 70.