Bitcoin Price Analysis: BTC/USD Tumbles Under $4,000, How nigh is $3,000?

Published March 13, 2020 | Updated March 13, 2020

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Bitcoin Price Analysis: BTC/USD Tumbles Under $4,000, How nigh is $3,000?

  • Bitcoin price dropped to $3,864 (new 2020) lows amid a widespread cryptocurrency selloff.
  • Bitcoin price extreme volatility levels exhibit the ‘wild west.’

The crypto ‘wild west’ appears to back. It is a situation that is characterized by massive speculation and extreme volatility mostly characterized with young markets. Bitcoin bears have literally not left any stone unturned. The selloff in the entire cryptocurrency market has also reached extreme levels with more than $110 billion wiped off like a speck of dust on white linen.

The breakdown, which started late February after Bitcoin price hit its 2020 peak at $10,533 was linked to the deadly Coronavirus. However, market volatility and panic took advantage to force one of the worst selloffs in the cryptocurrency market with Bitcoin nosediving to $3,864 Intraday low on Coinbase).

At the time of writing, BTC/USD is having an excellent pullback with gains of more than 20% from the opening value at $4,844. However, the growth is only important at the moment because with extreme volatility being experienced, BTC/USD could be back under $4,000. In other words, the price trends are largely distorted and it’s difficult to tell which direction the price takes in the near term.

BTC/USD 4-hour chart

BTC/USD price chart by Tradingview

From a technical perspective, Bitcoin bulls have the zeal and desire to reverse the downtrend. The Relative Strength Index is making a way out of the oversold region in the 4-hour range. The sharp recovery comes after testing lows of 13.14. A continued movement towards the average would encourage the buyers in the ‘sidelines’ to join the market. Meanwhile, establishing higher support will go a long way in sustaining the gains already accrued on the day.

Bitcoin Key Levels

Spot rate: $5,830

Relative change: 983

Percentage change: 20%

Trend: Bullish bias

Volatility: Extremely high

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
John Isige 983 Articles
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
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