movement spiked hope among the traders as the coin climbed above $7,100.
However, as per the current t movement, the coin might trade downwards as it
faces pullback pressure.
If the BTC price falls
weak and drops below the resistance level, then the downside momentum might
take over the coin. However, the chances of the same are scarce.
After hitting $6600
mark on April 13, Bitcoin price trades moderately bullish, but
since yesterday, it reflects declining movement. The currency started dealing
at $6,824 on yesterday’s chart. The price escalated to $6,929 over the next 4
hours. Then, the coin marked a nominal decline to $6,853 at 10:50 UTC. However,
the downside momentum strengthened, and at 12:30 UTC, the BTC price touched
$6,709. Then, the currency hovered around the same level till 18:00 UTC.
After that, the Bitcoin
price dropped to $6,586 by 2.74% fall. The day-long movement reflected 3.48%
regression. Today, BTC started trading with a marginal decline to $6,521, but
immediately recovered to $6,655 by 2.18% hike. Then, the coin locked its price around
the same level till 06:00 UTC. Thereafter, it started strong recovery, and at
07:18 UTC, the price touched $6,990. Later, with a slight plunge to $6,912, the
BTC price again escalated, and this time
it reached $7,169.
Recently, Bitcoin is facing
pullback pressure as it has dropped to $7,011. Currently, the coin is trending
below the moving averages, namely, 20 & 50-day MAs, which are at $7,036 and
$7027, respectively. And hence, the impending period could reflect
regression. The MACD chart is also reflecting a bearish crossover as the
signal line has intersected the MACD line.