2020 is witnessing a fresh and really harsh price fluctuation of Bitcoin at this moment, and this is surely taking the cryptocurrency traders through a roller-coaster ride. While BTC price getting affected negatively by Coronavirus was not unexpected, the current extremely volatile undercurrent is not something one would have anticipated precisely.
The ongoing price trend of Bitcoin is totally justifying the term ‘risky.’ The price trend is experiencing radical changes as the coin is fluctuating between $5800 to $6000 withing minutes or rather seconds. To this, Twitteratties are insanely reacting:
#Bitcoin price surges $1000 from $5,500 in 10 minutes
— InstaSwap (@InstaSwap_io) March 12, 2020
Sell, Buy, or HODL!!
The very recent plunge below 5900 may have triggered a selling current among investors to stay away from further losses. Meanwhile, the following bounce above $6000 pushed the community for a hold position.
The cryptocurrency market is a panic selling mode. BTC has suddenly touched $5,5K price level. Do you sell/buy or hodl? pic.twitter.com/B92pzg8Waj
— ICO Analytics (@ICO_Analytics) March 12, 2020
Those who are intending to make an entry in the market are looking for an opportunity to buy, especially at dips! All in all, the ongoing price momentum of BTC is fuelling all three extreme sentiments.
Bitcoin Price Analysis
BTC has just formed a bullish candle at $5991. The coin has tested support capacity even below $5700 recently before tracing closes at $5862 and $5804. It has traded below 6000 thrice over the last 2 hours, and this has created a lot of stir in the market.
The currency is well below the 200-day EMA line, and Bitcoin is maintaining the ambiguity for now regarding its upcoming move. SMA lines are giving bearish signals as the short-term moving average is below the longer one. Bollinger bands now seem stable after this many ups and downs.
There is all the more curiosity out there to know how the altcoins, especially the major ones, are reacting to the same. Meanwhile, you can just check out the below given more than just entertaining Tweet!!
— CryptoChimp (@Cryptanzee) March 12, 2020