Bitcoin Experiences 0.83% Price Dip but it is Still Bullish

The past 7-days have been a very bumpy ride for Bitcoin (BTC) because in the particular time period, it has continued experiencing dips as well as rallies. The price chart for Bitcoin shows that on March 25, the value of Bitcoin was at a low of $44,163.54 per BTC.

Although Bitcoin started its day at a low of $44.16k, but by midday trading on March 25, Bitcoin’s price had surged to $44,960.32.

The bulls tried sustaining the strong selling pressure of the bears for a short amount of time until they gave up on their position. This resulted in creating a dip and by the end of the trading day, Bitcoin’s price slid to $44,110.93 per BTC.

The same trend could be witnessed for Bitcoin from March 26 to March 28, until the bulls launched their strong attack. They succeeded in forming a huge rally that saw the price of Bitcoin hit a 7-day high of $47,512.03 on March 29. The bulls tried to push Bitcoin higher than that and cross the $50,000 mark but the bears haven’t let happen.

Past 24-hour Performance of Bitcoin

After the March 29 high price, Bitcoin has continued traveling in the lower zone. At the time of writing, Bitcoin is at $45,093.91 and it has experienced a 0.94% price cut in the past 24-hours.

Even after the price cut, the trading volume for Bitcoin has remained high and it is currently at $41,363,406,371, having surged by 45.32% in the past 24-hours.

Current Trend of Bitcoin

Even after the dip, the general preference of the investors is bullish and the summary scale being at “buy” confirms that. At present, 42% of the total investors are eager to buy Bitcoin and only 19% of investors want to sell it. Bitcoin’s RSI is currently at 58.10 and the ultimate oscillator is at 52.95.

Bitcoin may Surge to $54,653.23

It is being expected that the bulls may soon launch their counter, which would result in a rebound. This would push the price of Bitcoin up to $46,521.87 per BTC. The bears may try and resist at this point as the bulls continue pushing harder, Bitcoin’s price may surge to $49,176.01 per BTC.

If the buying power of the bulls remains strong, the price of Bitcoin may move all the way up to $54,653.23.

For now, there are no other factors that may come into play in pulling the price of Bitcoin. However, there is always a possibility of any country deciding to pull the plug on Bitcoin such as China. If that happens, then the price of Bitcoin may end up moving into the bearish zone.

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