Bitcoin News

Bitcoin Price Drop Explained – Stability Support Around $52k.

The near 10% sell-off in Bitcoin [BTC] within the Asian hours has stabilized around $52k for now. Bitcoin is now oversold on the 4-hour chart, which could support a small recovery towards $56k.

The last oversold reading on the RSI [Relative Strength Index] resulted in a near 7% rise in BTC on 22nd March. Moreover, the move was short-lived as sellers were active around the $56k resistance level.

Bitcoin is presently roughly 10% below its break-out of trend support on the 4-hour chart and has erased about 50% of its rally from the 28th February price low.

For now, Bitcoin continues to carry long-term trend support above $50k, with lower support of around $52k.

Bitcoin Price Drop Explained - Stability Support Around $52k.

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