Bitcoin [BTC] saw a five-fold increase over the last couple of months. During this process, the asset experienced certain setbacks that further drove the price of the king back and forth between $45K to $51K. The last couple of days particularly showed BTC as an extremely volatile asset.
At the time of writing, Bitcoin was seen trading $46,214.98 with a 7.57% drop over the last 24-hours. The king coin slumped by $3,572.84, in the last 24-hours. While BTC remains on top of the charts, the latest numbers were considered a major downfall for the king coin. Just four days ago, BTC hit an all-time high of $58,330 further leading to speculation about the asset hitting $60K very soon. However, BTC decided to take a ride with bears as opposed to the bulls.
The market cap of the king coin also witnessed a major dip from $1 trillion to $800 billion. At press time, BTC’s market cap was at $862.12 billion.
Despite this, massive downfall, the market sentiment of Bitcoin seemed to be bullish. Several crypto users even responded to the current drop in Bitcoin’s price and suggested that the king coin was taking a breather. One Twitter user who goes by the name, ZeroHedge tweeted,
“Everyone’s losing their minds bc #BTC is taking a breather. Step back, look at the infrastructure being built around you. All that’s not going anywhere anytime soon. It’s only going to keep getting bigger. This is still the best space to be in the current macro environment.”
But what’s really happening with BTC. The one-day price chart of the king coin suggested that the bears were still residing in Bitcoin’s market.
Bitcoin [BTC] One-Day Price Chart
The one-day price chart of Bitcoin on the cryptocurrency exchange Binance was seen harboring the bears. The Parabolic SAR indicator with dotted lines over the candlesticks revealed that BTC’s potential uptrend could be interrupted by this line of resistance. The Awesome Oscillator with red closing lines announced the presence of bears in the BTC market.
The Relative Strength Index indicator was down by the 50 median, suggesting that a sellers’ sentiment had started in the BTC market.