This week Bitcoin price faces rejection above $10,300 as it crashed to $9,200 in no time, marking a regression of over 10%. The “golden crossover” that was anticipated to bring bullish divergence has started with a notable pullback. We do not consider this as an onset of the bear market because the technical indicators appear bullish.
Bitcoin Price Analysis
Analyzing the intraday movement of BTC/USD on Coinbase, we see that that the coin has faced an unpredictable, volatile fall and test support around $9,200. The intraday positive correction taking place today has led the Bitcoin to trade around $9,500 and that is the reason the technicals appear bullish. With this, the price trend is slightly below 38.20% Fib Retracement level and awaits a push to have a persistent trade above $10,000, followed by $10,500 and beyond.
Bitcoin has been performing well since the start of the year 2020 and the two events, i.e.,
- The “golden crossover” that recently happened after April 2019 and,
- Bitcoin Halving that is going to take place in May 2020,
have been the major pushes to turn an anguished trade into gaining impressive positions. However, now there is no specific reason for a price correction as we believed a strong rally to happen, and therefore, we believe this to be a temporary pullback. Also, the altcoins have turned red and have reported notable dips over the past 24 hours.
Technical Indicators:
The technicals appear bullish as the intraday corrections have lured the BTC whales, and the MACD line crosses above the signal line.
While the RSI of the coin is at 47.68 and has risen above the selling pressure with no trading extremities at present.
