Bitcoin price 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.
Bitcoin Price Analysis
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.