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Bitcoin

Bitcoin Falls Well Below $9k After Weekly Regression of 7.47%

  • Bitcoin has moved through immense volatility throughout the week and fallen to $8871
  • It may soon reach the next resistance point at $8952

Bitcoin price has been down by 7.47% over the last week, and the value has moved from $9500 to $8871. There may be a gaining spree coming anytime soon.

Bitcoin Price Analysis

Bitcoin (BTC) Price News

BTC started the week at $9588 on February 21, and in the next three days, it managed an upsurge to the extent of 4.46% that added $427.86 and pushed the price to $10015.86, the weekly high point. Then, Bitcoin registered a massive fall of 14.93% by February 27. It deducted $1495.27 and pulled the BTC price down to $8520. After breaching the $8.5k price mark, the currency started upside movement, and Bitcoin has witnessed an upsurge in the value by 4.38% that pushed the price to $8894.27.

BTC’s RSI hints at an upcoming escalation in demand for Bitcoin in the market. Its level stands tall at 56.28 points. The current price has also been trending above its 50 days MA ($8811) and 20 days MA ($8857.56). The next resistance may come by $8952.52.

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Bitcoin

Bitcoin (BTC) Aces the Race Yet Faces Resistance at $10,400

Bitcoin, at the time of writing this article, was trading at $10,301.99. Important to note that the king of crypto has been on a continual upswing after a despairing trading duration in the bygone year when it had hit rock bottom around $6,400.

However, if compared, BTC price has grown by over 45% as it takes an impressive leap above $10,000 for the second after the past week. With this, we believe the following period to be a duration of real price rally and not an illusion.

Having said this, BTC whales have been in total coverage as Bitcoin hits a fresh 3-month high and 2020 high, until the time of writing. Aligning the price, the market has been pumped up with the trading transactions and market volume since the past week. And, to every investor’s surprise, all the top 30 coins ranked in the global crypto market are seen trading in green with amazing percentage change.

Taking a glance of the above 4-hourly chart of BTC against US Dollar, we see that the coin is showing two contradictory scenarios-

One, when the price of Bitcoin was sliding in despair and,

Second, now when the price is on a continual rise with pure intentions of a Bull Run that is here to last and let the coin hit new highs.

The current movement of BTC is totally supported by the daily moving averages with a bullish crossover as the MACD line crosses above the Signal line.

The 50-day daily MA also hits above the 200-day daily MA, and the 20-day Bollinger Bands project no volatility at present as it withholds a normal band width.

Similarly, the RSI of the coin is at 64.53 due to an intraday bullish move, which is necessarily testing resistance at $10,400, followed by $10,500.

However, if the coin consolidates below, it can all see support at $10,000 and $9,800, followed by $9,500.