Finally, the Bitcoin price made a dramatic move and dropped to the much-anticipated point. It was expected by most analysts that there would be a drop in the near future, and so it happened in the last 24-hour window.
Bitcoin price has shed about 10 percent, falling from the highs of $6,800, testing the $6K support. At the moment, the support is holding it, and BTC has bounced to reach the mark of $6,200 levels.
Bitcoin price chart by Trading View
Would the Bitcoin price retest $5000?
This recent drop indicates that Bitcoin price is on the lookout for more support below the key levels. Although this development could attract more buyers, nut it would out BTC at risk of sinking. In the case of bulls losing control, the retest of $5000 long-term support could be witnessed after the drop from $10000 range.
CryptoBirb is a leading analyst who believes that BTC would have to go through the retest of $5K position. Per the latest tweet provided BTC is trading below the mark of $6000, the virtual assets would remain bearish in the short-term.
— CRYPTO₿IRB (@crypto_birb) March 28, 2020
At the moment, Bitcoin is relatively stable and would remain to be stable if it continues to stay above the mark of $6K. Going below this mark would create panic and will promote panic selling, which could ultimately bring BTC at a $5000 support level.
However, a bullish trend could also prevail, in case BTC bounces higher and climbs back to the range above $6,500. This to end up igniting FOMO buying with an expectation of breakout over $6,800 and a test of high of about $7K.
Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.