As the whole global economy is in turmoil, Bitcoin has not been spared. Over the last week, it has been pulled down by a whopping 31.90%. The current price of Bitcoin is now roaming around $5300, whereas it was near $7800 a week ago.
Bitcoin Price Analysis
BTC opened the week at $7860.11 on March 11, and over the next two days, it was down by 47.20% and fell to the support of $4150.01. It was followed by a price recovery to the extent of 42.98%, and Bitcoin could lift its value to $5933 by March 15.
After reaching this high, the currency started trading downwards with steep movement, and on the next day, the BTC price fell below $4500. In these three days, Bitcoin’s value has taken another turn to lose 10.14% and pushed the value to the $5300 level.
Bitcoin’s RSI stands at 39.99 points. At this level, we don’t see any heightened demand any time soon. Both the long-term moving averages, namely, 90 days MA ($5408.93) and 200 days MA ($5352.32), have managed decent leads over current price of Bitcoin. As per the current trend and Bitcoin Price Forecast, BTC may continue to struggle for some more days.