Bitcoin Fails to Gain Intraday Traction and Appears Flat

  • Bitcoin, at the time of penning down this analysis, was having an accumulation around $7,500 price area and had retained support from the daily moving averages
  • The intraday has been directionless, and the MACD curve appears flat with a lack of proper momentum after rising above $7k

Bitcoin price rose above $7k after two days of sluggish movement and has hit above $7.7k after nearly six weeks now. Yet, the BTC price trend remains far away from a complete bullish crossover as it gets preyed to a price accumulation, which previously was around $7.2k for the longest time prior to the recent dip.

Bitcoin Price Analysis

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BTC/USD Chart By TradingView

On the intraday chart, BTC appears flat around $7.5k as the economy slows down after the Coronavirus outbreak, and the investment avenues face massive selloffs eventually. However, Bitcoin maintained strong support throughout as compared to the other investment avenues. Although, if we look at the intraday movement of the currency, the price trend of BTC has nothing major to depict as it flattens against the greenback.

The technical indicators are drawing a similar picture, which confirms the flattening cure of the Bitcoin price trend as the MACD holds neither the bullish nor the bearish divergence. The 20-day Bollinger Bands are seen squeezing, and therefore, we believe that the price is likely to take either of the tolls. We believe the coin will spike above $7.8k resistance as the halving nears. Similarly, the RSI of the coin lies at 50.73 yet shows no extremities.