Bitcoin In Short-term Corrective Path

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In a week that cemented its unpredictable and volatile nature, Bitcoin broke record price of the year multiple times before dropping below the recently achieved support level of $5000.

Wednesday and Thursday were dramatic.

The price dropped from its 2019 high of $5,422 to below the $5,000 mark within hours overnight, by around 9 percent, or $475.

The most popular cryptocurrency continued to show signs of a retracement on April 11 before rebounding marginally the next day as the buyers fought to pull back.

It is demonstrating signals of a short-term corrective rally on Friday.

Bitcoin is changing hands for $5079 at the time of writing this.

On a monthly basis, the bitcoin price is still up by more than 31 percent, or $1,227, against the U.S. dollar, showing strong momentum.

BTC improved its value by $36 within the past 24 hours.

And for the 11th consecutive week, the world’s largest cryptocurrency by market capitalization is improving its value, compared to the previous week.

Experts say Bitcoin is clearly in a bullish zone.

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