The crypto market was under pressure for a long period. The plunge in the market began from the last week of February that has continued till yesterday. The period before that was quite impressive. Bitcoin price touched $10,100 on February 15, but the scenario was completely changed as of now.
The recent Bitcoin price crash was disheartening, and thus, the traders are recommended to stay put. The currency would soon be spotted improving, and then it would be a better time to dig-in and book profit.
Bitcoin Price Analysis
Yesterday, the price of Bitcoin was at $5018 during the opening hour of the day, and in the next 2 hours, the price was spotted at $4,107. The same reshuffled the 90-days low price and gave a new counter. Then, the currency immediately improved, and within the next two hours, the BTC price was at $5,604. The fluctuations were continued until the coin touched $5,963 and marked the same as intraday high. After that, the coin plunged again, and this time the price touched $4,846. Then, Bitcoin picked up the pace once again and touched $5,613 closed the day at the same level. The intraday movement in the coin brought 11.71% progression.
Today, BTC started with a moderate loss of 3.29% as the counters switched from $5,613 to $5,429. The currency recovered later to $5,657 but again slipped to $5,244 by 7.54% fall. Recently, the coin experienced a slight improvement and reached $5,467. As per the MACD indicator, the lines, i.e., signal and MACD, are intertwined and thus creating a bearish crossover. The histogram has almost dissolved itself on the zero-level line.
At the time of writing this analysis, BTC was reflecting the possibility of a downward correction. If the market pressure strengthens, then the coin might also be dribbling towards the immediate support level at $4,501.09.