The current market momentum of the crypto market has yet to surprise anyone with a change. Almost all cryptocurrencies have been severely affected by this downtrend. Due to this situation, many including bitcoin have been having a hard time recovering.
Bitcoin has yet to break through the six thousand dollars price mark ($6,000). Right now many are expecting Bitcoin to settle at the three thousand dollars price mark ($3,000) the currency is trading at five thousand five hundred and twenty-four dollars ($5524.0) at the time of publishing.
Recently a large transaction in Bitcoin was noticed with the person transacting almost two hundred and fifty million ($250m) worth of crypto.
Such activity can surely turn the tables. However, this kind of activity is rare and unusual to be occurring on standard trading platforms.
Regardless of all the activity going about Bitcoin is kicking it hard. Many investors and buyers are not waiting for the crypto market to make up their mind and playing in to pick up the pace.
Right now it is hard to predict the reaction of the masses to this current ongoing activity in the crypto market. Similarly, estimating the price trends at this stage are is also difficult.
In the past five days, BTC price took a good dip down to five thousand one hundred dollars ($5100) right at the day end of 25th April. While the currency quickly recovered back to five thousand five hundred dollars ($5500) mark the rally is taking short bearish plunges.
At the time of publishing Bitcoin is going through a short bearish plunge, however, the overall performance of the currency and SMA shows that the bearish trend will help BTC price find support at five thousand four hundred and sixty dollars ($5460).
On the other hand, a high trend can also take the currency as high as five thousand five hundred and thirty-one dollars ($5531).
Many think that the price fluctuations are normal and would not impact the longer-term outlook. With that being said, it is also being speculated in the market that we will see Bitcoin experiencing a significant drop in the coming days.