The king of cryptocurrency Bitcoin is in a rather weird position since the Bitcoin price drop on the 28th of March. The correction was about nine percent of the price at that time while Bitcoin was trading in the $6700 – $6900 range.
At the time of writing Bitcoin price is hovering at the $6101 mark while the king of cryptocurrency is reporting an over one and a half (1.75) percent losses in the past 24-hours.
The flash drop came right before midnight and continued after it on the 28th of March. Bitcoin price has since touched the $6039 mark at one point.
Bitcoin price movement: What to expect?
Most cryptocurrency analyst on Trading View did believe until the weekend hit that the cryptocurrency price is going to hit new lows. Where one analyst believes that the BTC price can still touch the $5200 if the current support levels give way to the bearish drive.
The top trending analyst on Trading View at the time of writing, Monetae Anon explains that the cryptocurrency is experiencing the downside largely because of the global economic conditions rippling into the United States’ stock market.
He furthers that the current global epidemic is not the only economic factor to blame but the unemployment rate going down for the past four years. He explains that also contributes to the overall market sway that’s keeping the Bitcoin price down.
Lastly, the recent COVID Bitcoin scam in the UK is also affecting the cryptocurrency adaption and hurting prices, Anon believes. Cautious trading is advised in these slippery waters.
Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.
