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
Bitcoin Price Analysis
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. Click here for more information on Bitcoin forecast.
Not only the crypto market but the global markets have been facing a dearth of momentum due to the widespread of Coronavirus.
Technical Indicators
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.