The volatility in the crypto market has remained a hot topic
of discussion. Amidst the global crisis due to coronavirus pandemic, the crypto
market is keeping the self-quarantine traders entertained by the heavy fluctuations.
Yesterday, Bitcoin price was spotted, touching a high at $6,443 and a low at
Today, the ratio of a difference between the intraday high
and low has lowered. The uptrend seems to be consistent. The day end is likely
to bring a colossal recovery in the price of BTC. The same is likely to help
the entire market to cope up with the recent volatile phase.
BTC/USD Price Chart
Yesterday, in the first hour, the price of Bitcoin was trading
at $5,700, and in the next 30 mins, the coin escalated to $5,923. Then, for the
next 11 hours, the currency hovered around the same level. Further, at 13:11
UTC, the price escalated to $6,605 by 13.07% hike but couldn’t hold itself at
this high and dropped to $6,164 in the next 2 hours. After that, BTC price escalated,
and in the next 8 hours, it went up to $6,566. The day-long movement in the
coin brought an upsurge of 15.08% in the price.
Today, Bitcoin started with a moderate movement, but later, the
price dropped to $6,442 from $6,651 by 3.15%. Further, the coin marked a strong
recovery, and at 09:55 UTC, the price touched $6,817. The coin hovered around
the same level and is currently at $6,740.
Recently, BTC has
breached the immediate resistance level at $6,645. The next resistance level at
$6,874 might get violated in the impending hours. The chances of escalating to
the major resistance level at $7,304 are thin. If bearish influence affects the
coin in the impending hours, then the immediate support level is formed at