Bitcoin (BTC), at the time of writing this analysis, was trading above $6k at $6,376.89 and retained support from 50-day daily MA. The downtrend that started in the previous week experienced a bullish engulfing as the price of BTC rose above $6k after briefly retesting major support at $5,800. The previous week had exhibited price accumulation until the Bitcoin price hit the support and gained back the lost traction. However, the first day of the ongoing week was quite a gainer until the market bumped into a prototype of price accumulation today.
Analyzing the price movement of BTC/USD, we see that the coin broke the bearish streak as it briefly rose to $6.6k after hitting $5,800. The loss of traction cannot surprise the investors enough as the major investment avenues have been facing massive selloffs amidst the outbreak of the deadly virus, yet bitcoin and other altcoins have been maintaining a manageable momentum after the market crashed to yearly lows earlier this month.
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Nonetheless, the price accumulation has been the directionless move of the BTC as the market lacks steady hands trading over. As per Bitcoin projection, the major support to look out for still hovers at $5,800, while the major resistance awaits at $6,600 for the continuation of a bullish crossover.
Technical Indicators:
The MACD is holding a bearish divergence due to the intraday pullback and discontinuation of the bullish trend, which has led the signal line to cross above the MACD line.
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While the RSI of Bitcoin is holding around 45.84 and shows no trading extremities at present.
