If we look at the weekly price trend of Bitcoin, the
price has been improved by 3% despite recent breakout. This growth has been
achieved after the last few weeks of sluggish movements. BTC has, however,
managed to stay above $6200 in most of the times in this period.
The currency opened at $6095 on March 21, and over the
next two days, it faced downside correction by 5.17% and tested its crucial
support $5780. From this low, the coin marked a sharp upward move and
registered a massive hike of 20.52% that added $1186 in the value and pushed BTC
price to $6969 by March 25.
After hitting $6.9k, the currency faced steep fall but
immediately recovered and traded above $6.7k. Then, it continued to trade in a
similar range until the price faced massive downward correction today. Over the
last three days, Bitcoin
lost more than 10% value and got confined to $6254.
having support from its short-term daily MAs. Its RSI figure stands around
35.72 points, and it also tilted towards the oversold region. After the recent
price drop, Bitcoin price may trade even below further and retest its previous
support level, $6032 and then $5800 in the upcoming hours.