Bitcoin price continues to trade under the strong bearish hold
after hitting a $7400 mark recently. The price fluctuations for the past three
months have seen the price mostly being in the upper range, with the price
moving between $4814 – $10281, indicating that the currency is in no mood to
let the bears get away.
Bitcoin Price Analysis
Since the beginning of this year, the king of the
cryptocurrency, BTC, traded with tremendous volatility. During the first week
of January, the coin marked slow and steady upside movement. On January 13,
Bitcoin price was trading at $8165.19. From this price point, it continued to
trade upwards, and it reached a high of $10281.22 on February 11, showing a
rise of 25.52%. After hitting the $10k mark, the currency faced downside
correction, which took the price to $4814.82 on March 12 by a massive 52.70%
decline. Still, Bitcoin managed to recover its value and on March 20, when it
rallied upwards to $6578.18, showing a rise of a good 37.96%.
Further, it again faced rejection, and on March 23, BTC
price went down to $5952.99, the fall is at 9.50%. Then, the currency has
initiated recovery amidst moderate volatility, and it managed to rally upwards
at $7267.99 yesterday, showing a rise of 22.08%. Today, the price of Bitcoin faced
a sharp decline that has taken the price to $6916 at the time of writing this
analysis. And as per the current movement, the coin might trade even below its crucial
support $6500 before making any positive movement.
Investors should hold on to their
investments only from a long-term perspective as Bitcoin has great
future potential. Day traders can continue to make quick gains even under
current crypto market volatile conditions.
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