Bitcoin has been able to keep its head above $6700
despite the price fluctuations. Over the last week, BTC has shown positive
signs amidst moderate volatility. As per the past week’s price trend, there may
not be any significant growth mark in the upcoming few days.
On March 24, Bitcoin
price was trading above $6200 with bullish influence and continue
to reflect moderate upside momentum till today. Yesterday, the currency started
the day at $6742, and in the first 4 hours, its value got through a decline of
2.96% and got placed at $6542.96. It was followed by a 6.49% price hike that
added $424.78 and pushed the price of Bitcoin to the highest point of the day
around $6969 by 09:40 UTC.
Further, BTC couldn’t retain its value at this high
for long and started a price correction. By 11:41 UTC, it lost 6.76% value and
got confined to $6500. Towards the closing of the day, BTC managed a
marginal improvement. It got shot up by 4.25% by 04:04 UTC today, and it
touched 6775 USD.
If we look at technical, Bitcoin’s current value at $6712.46
is trending below its daily SMA lines, namely, 20-day & 50-day with a marginal
The RSI of BTC stands around 34.59 points and tilted
towards the oversold region. However, it may reverse the trend in the upcoming
days, as per the current momentum noticed. The next resistance seems imminent