Currently, most of the coins are spotted struggling to keep up with the ongoing volatility. Bitcoin, the king of cryptocurrencies, is also behaving accordingly. The currency touched $9,100 a couple of days ago but due to the market pressure, the coin dribbled to $8,400.
Bitcoin has a tight hold over the market, and the heavy plunge has also affected many other cryptocurrencies. The current plunge could be the result of the selling pressure and the same might lift soon.
BTC/USD Price Chart:
Yesterday, Bitcoin price was spotted at $8,738 at the time opening hour. The price then slipped to $8,688 with 2 hours and 53 minutes. The BTC price improved and touched $8,770 by 1.12% in the next few hours. Later, it slipped to $8,630 by 1.88%. Bitcoin was spotted holding the price tightly for some hours near $8,640. There was a slight recovery of 1.18% that took the BTC price to $8,680. The coin again kept hovering around the same level and closed at $8,669. The intraday movement in Bitcoin price brought a minor regression. Today, the currency began with a price plunge. In the first 7 hours, the counters moved from $8,669 to $8,483. Then, the price jumped to $8,592 by 1.29%. Recently, the Bitcoin price slipped to $8,433.
The MACD chart exhibits no extremities. The current scenario reflects the possibility of an upcoming recovery. The intraday traders might close with the loss but the same is anticipated to be marginal.
The coin is recommended for long-term traders. The same is likely to bring the desired result to the investors.