Bitcoin (BTC) price got bitten by the bears, but at the time of writing this analysis, the currency regains its price around $5k. The price of the coin has seen a good upward momentum for most of the 3-month price trend, but from yesterday, it faced steep fall, and along with it, most of the cryptocurrencies are registering a loss.
Bitcoin Price Analysis
If we look at a broader picture of the price trend of Bitcoin, the price was below the baseline on December 18, 2019, at $6566. Then, BTC took a steady upward movement and reached $9090.29 by a massive hike of 37.88% on January 19. There was a small hiccup when the price went downwards due to the continual bear pressure on January 24, showing a downward momentum of 8.37%.
After this downside correction, Bitcoin started recovering by trading upwards, and on February 13, it marked a 23.90% hike and touched a new high of $10315.31. However, at this high, it couldn’t manage to stay there and started trading downwards. With the bearish pressure mounting day by day, the coin took a huge downward swing, and today, it traded below $4.5k, but recently, it recovers to $5044.01.
After this much heavy fluctuations, traders expect the coin to trade moderately and reflect some stability. As per the current movement, investors should hold the existing coins and wait for price recovery.