Bitcoin News

Bitcoin (BTC) Faces Sharp Decline at $6k; Lost 5.29% Overnight

  • Bitcoin’s value has been declined by 5.29% in the last 24 hours
  • BTC continues to trade bearishly as it fails to breach its key resistance $7k in the last week
  • It may exhibit consolidation around $6000 price mark

Bitcoin, the king of cryptocurrencies, seems to be trading bearishly as it continues to trade towards $5800. Today, it has been subsided by 5.29%, and its value has gone below $6000 after almost a week.

After hitting $4.2k mark on March 13, BTC/USD continued to retest $5.8k price mark though it has traded above $6.5k recently. However, after hitting $5880 yesterday, it marked a slight recovery, but as per the overall bearish trend, Bitcoin might not regain a $6200 price level in the upcoming hours.

Bitcoin Price Analysis

BTC opened the March 29 at $6269, and over the first 10 and a half hours, it lost 2.71% value and got down to $6100. After hitting this low, the coin marked a sudden spike and reached above $6219, but again, it faced a sharp decline and continue downside movement.

At 20:24 UTC, the Bitcoin price dropped to $5880 by 5.46% fall. However, towards the closing of the day, it started moving upwards. By 01:31 UTC today, it got jacked up by $51 and traded towards $6000 mark.

At the time of writing this analysis, Bitcoin’s 20 days MA was trending above the current value of $5938 by marginal difference. And the currency holds support from its 50 days MA ($5922.83). The RSI of BTC spotted around 52.

Erica Lee

Erica is a finance professional who has over a decade of experience in the finance sector as a management consultant. After years of reporting on forex, stock markets, and finance, she now contributes her strong financial skills with the CoinNewsSpan team. Since 2014, she has been deeply involved in the blockchain and cryptocurrency space. She believes that blockchain technology has tremendous potential to make our lives better.

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