After experiencing high gains for an entire month, the price of Bitcoin has ended up experiencing a dip. Since the end of last week, the price of Bitcoin has continued experiencing a dip and for now, there are no signs of recovery for Bitcoin.
Bitcoin’s Past Performance
If we look at the past 30-day performance of Bitcoin, we see that it has recorded a weighted growth. Despite the recent dips, the price of Bitcoin has still managed to record a 2.41% weighted growth rate in the past 30-days.
As for the past 7-days and past 24-hours, Bitcoin has experienced a downtrend, where it observed 11.28% and 1.20% dips respectively. The trend line for Bitcoin shows that on March 13, the trading price of Bitcoin was at $38,917.66.
Until then, it seemed that the bears had full control over Bitcoin and they were going to run the trend for Bitcoin to an even more bearish zone. However, the bulls fought back the very next day and starting on March 15, the price of Bitcoin started ascending.
From March 15 until March 29, the price of Bitcoin continued elevating and on March 29, the price of Bitcoin had reached $47,930.20 per BTC. At the moment, the highest price hit by Bitcoin in the past 30-days is true $47,930.20.
From there, the price of Bitcoin started descending, and by the end of March, Bitcoin price had fallen down to $45,950.20. By the end of the trading day on April 1, the price of Bitcoin had dipped to $44,573.33 per BTC.
Bitcoin’s Price from April 1 to Now
From April 1 until the starting of April 12, the price of Bitcoin floated over the $40,000 benchmark. However, by the end of the trading day on April 12, the price of Bitcoin ended up falling below $40,000 and closed the day at $39,493.34.
Even now, the crypto signals for Bitcoin are indicating a negative trend for the largest cryptocurrency. At the time of writing, the trading price of the BTC/USDT pair is worth $39,762.02. The bulls are still finding it difficult to fight off the bears and push Bitcoin over the $40,000 benchmark again.
For now, the bears are selling every spree that the bulls have formed, which is why a 1.56% dip is being witnessed for the price of Bitcoin in the past 24-hours. The trading volume as well as the valuation of Bitcoin has also dipped by 17.78% and 1.56% respectively.
Technical Factors Suggest a Bearish Trend for Bitcoin
For now, it seems that the bears are much stronger against the bulls as they have easily continued pulling Bitcoin’s price from the end of March.
Since the beginning of April, the bears have continued exerting constant pressure on the bulls to keep the entire situation under their control.
At present, the summary scale for Bitcoin is indicating a “sell” trend. There are 57.69% out of the total Bitcoin investors are siding with the bearish trend and only 11.53% of investors are willing to buy Bitcoin. Bitcoin’s RSI is currently at 37.28 and the ultimate oscillator is at 33.24, which means a strong bearish trend has been initiated.
Bitcoin’s Journey to $32,583.55
With all technical and growth factors pointing towards the bearish trend, it can be expected that the price of Bitcoin may continue dipping. At present, the bulls are trying really hard to defend the $39,000 per BTC mark. However, the bears are aiming to bring Bitcoin down to $39,046.95, because once BTC reaches the mark, the bears may initiate a stronger selling spree.
For now, the trading signals suggest that in case the bears may sell Bitcoin, its price may dip to $36,798.86. From there, the bears may launch a strong selling attack, and break all major defenses set by the bulls. They may continue selling Bitcoin in the upcoming days and manage to pull Bitcoin below the $32,583.55 mark (third support mark).