- Bitcoin has factored a modest price dip of 4.89% in the last 24 hours.
- The cryptocurrency’ daily trading volume has surged by 14.99% as per CMC data.
The digital assets community is eagerly anticipating the White House Crypto Summit. The overall market cap has shown a modest increase, as depicted by its 4.18% upward momentum. However, the largest cryptocurrency, Bitcoin, has shown modest price drops yet again this week.
Notably, US President Donald Trump signed an executive order approving a national Bitcoin Strategic Reserve in the past day. This marks a crucial milestone in crypto history and US history. On the other hand, the digital asset’s downward movement despite this advancement has raised speculations.
On its daily price chart, Bitcoin shows a 4.89% drop over the last 24 hours. In the morning hours of March 6, the cryptocurrency was trading at a high of $92,804. However, as bearish signs took over, BTC slid to the $87,000 range. At the time of writing, the digital asset was trading at $88,148 as per CMC data .
Zooming out, to its weekly trading history, Bitcoin shows bullish trends. Despite fluctuations, it has managed to depict a 10% surge from the Monday market crash. Traversing from a 5-month low of $78,258 it also tested a high of $95,043 during the span of the last 5 days.
Will Bitcoin Fall Further Before A Rebound?
On analyzing its recent price actions, Bitcoin traces a horizontal pattern. This suggests that the token is entering a consolidation phase. The consolidation range stands between $83K – $95K. The horizontal channel indicates that it could either be followed by a price descent or a breakout.
BTC/USDT Daily Price Chart (Source: TradingView
)
Secondly, its Moving Average Convergence Divergence (MACD) signal line recently crossed over the MACD line entering a negative environment. This shows that Bitcoin still holds the potential to turn bullish. Additionally, its RSI value stands at 43.33 suggesting an oversold market situation as per TradingView data .
Meanwhile, other altcoins such as XRP and Tron have shown modest price decreases in the last 24 hours.
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