Categories: Price AnalysisBitcoin

Is Bitcoin Getting Up After a Monstrous 53% Fall, or is it Prepping for One More Shock?

While there are a few who believe that the recent catastrophe like series of all the markets getting crashed is a short-term effect of Corona, a large portion believe that the markets are likely to see more gloomy weeks.

As far as the crypto market is concerned, Peter Schiff, a strong crypto biggie, has opined that Bitcoin is going to witness more losses soon, responding to a tweet by Kevin Svenson, which noted that BTC would outperform Gold.

Josh Rager, a very well-known personality in crypto space, has also expressed a similar thought. BTC won’t see any huge rally unless a strong buy sentiment occurred, and that cannot happen just like that. He tweeted:

While the fact that this bearish sentiment may continue for a bit long is something too negative to believe, predicting a quick jump above $10k seems too paradoxical to the current market scenario.

Bitcoin Price Analysis:

The first week of the month spent smoothly with a mild bullish impact as it climbed above $9000 gradually from $8524. In the next week, Bitcoin started losing its charm, and over the last two days, BTC to USD price has witnessed an absolute meltdown.

The coin shockingly went even below $4900, which was a jaw-dropping move of BTC for the traders, and recently, it has rebounded above $5000 with a lack of stability. The coin seems to have resistance level at 38.20% Fib level (at around $6000). Also, the coin is way below both the SMA lines, and the short term SMA line is below the long term SMA line noting a negative trend.

BTC/USD Chart By TradingView

After Bitcoin hit bottom even below $4900 yesterday, the coin has woken up with a not so volatile vibe today. BTC has formed a correcting wave since morning and has been ranging around 5400.

Recently, Bitcoin price has tested support at $5227 and is trading above $5300 now, which is below the 38.20% fib level. The coin is below the 9-day EMA line right now with a negative bias. Also, the MACD indicator is set to enter the bearish zone.

Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on the world's leading digital currencies.

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