- 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
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.