Bitcoin Price Analysis: BTC Managed to Breach Crucial Resistance $6.5k

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 $5,785.

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

Bitcoin (BTC) Price News

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 $5,986.

Will Bitcoin Bulls Plan a Revenge on the Bears in Short-Term?

  • Bitcoin price has put up a good performance against ongoing bearish pressure as seen from the 30-day price trend

Bitcoin (BTC) seems to be leading the pack of coins, when it came to have a stable upward momentum since the start of the year. The coin has managed to outsmart the strong bear pressure for major part over the past 30 days. The price of BTC was seen moving in the range of $8641 – $10424 in the time period.

Bitcoin Price Analysis:

BTC is wanting to go for a bullish phase in the crypto market as seen from the price movements of the past 30 days. The price of Bitcoin was below the baseline price initially at the start of the month on Feb 05. It then experienced a price rally and reached a high of $10,424.01 on Feb 13, showing a rise of 10.73%. The bears were in no mood to slow down and pushed the price of BTC down to $9,508.38 on Feb 17, marking a regression of 8.68%.

BTC recovered by 7.31% from the momentary downslide on Feb 19 at $10,197.79. The bear pressure had got stronger by then and resulted in the fall of the coin again on Feb 28 at $8,641.23, the fall being at 15.16%. Still the BTC bulls tried for a recovery on Mar 02 and reached $8,915.92, the rise being to the tune of 3.18%. The current day’s price of BTC has risen slightly to $8942.45 showing an upward movement of 0.30%.

Bitcoin (BTC) Price News

Bitcoin price is set to move on from the ongoing bearish volatility in the crypto market, making way for the bulls to re-enter the crypto space. This should work wonders for the investor community according to analysts, who expect BTC to live up to its original reputation of being the leader.