Bitcoin (BTC) Marches Towards Stability; Faced Rejection Above $5.4k

Bitcoin (BTC) News

Bitcoin’s price has finally put its first step towards stability. Over the last 24 hours, it has been through four significant price swings and lost a marginal value of 0.28%. It currently trades around $5300 after faced rejection above $5400.

Bitcoin Price Analysis

If we look at the price trend of Bitcoin over the last 7 days, it mostly trades around $5400. Yesterday, BTC opened the day at $5367.88, and over the first 10 hours, the price got down by 6.09% and got confined to $5041.05, the lowest of the day. After hitting this low, the currency reflected steep upward movement and registered a 7.17% hike that added $361.39 in the value and pushed Bitcoin price to $5402.44 by 13:55 UTC. However, from this level, BTC faced sharp downside correction, and the price dropped to $5173.04.

Bitcoin News
BTC/USD Chart By TradingView

After breaching a $5.1k price mark, towards the closing of the day, the coin started upside movement. By 01:34 UTC today, the currency has been soared by 4.43% and reached $5402. After hitting $5.4k level for the second time, BTC price fell again, and at the time of writing this analysis, it touched $5352.

Bitcoin currently trades bearishly with a lack of support from short-term moving averages, namely, 20 days & 50 days moving averages. The RSI stands at 39.05 points, and the recovery may happen rather slowly.

Bitcoin (BTC)Support & Resistance Levels
1st Resistance$5357
2nd Resistance$5475
3rd Resistance$5619
1st Support$5094
2nd Support$4950
3rd Support$4832