Bitcoin (BTC), at the time of penning down this piece, was trading at $5,282.20, after having a price accumulation since the start of the trading day today. Nonetheless, BTC price has already experienced a clumsy fall below $5,000 yesterday for the second time in a period of 7 days. Undoubtedly, the coin has recovered from the intraday fall as it rises above $5,000 again, and with this, the dramatic support for the BTC lies at $4,000.
Bitcoin Price Analysis
This time, Bitcoin has extended its dip against the US Dollar as it breaks below the immediate support at $4,500 to mark the weekly low at $4,434.17. However, on the intraday chart, BTC price holds slight support from 200-day Moving Average around $5,100 with an uptrend likely to form if it does not fall further. The weekly high lies around $5,980, after which the coin drew a notable bottom.
Moreover, before Bitcoin’s price rose to the weekly high, it kept accumulating after marking yearly low around $3,800. Since then, there has been no steady direction to realize the price trend of BTC, yet bearishness remains interpreted as per BTC price forecast. Not only the crypto market but the global markets have been facing a dearth of momentum due to the widespread of Coronavirus.
The technical indicators confirm the bearishness that is prevailing as the signal line of Bitcoin crosses above the MACD line due to a lack of steady support and directional trade.
Similarly, the RSI of BTC is at 49.38 and holds on trading extremities presently on the intraday chart.