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Bitcoin Analysis for 2020-03-13 [Premium Analysis]

2 mins
Updated by Adam James
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On March 12, the Bitcoin price decreased by 43 percent in a single day. This was the biggest daily percentage drop in BTC’s history. The next day, the price briefly reached a low of $4000.

Bitcoin (BTC) Price Highlights

  • The Bitcoin price decreased by 43 percent on March 12.
  • It has created a massive bearish engulfing candlestick.
  • There is support at $5300 and $3500.
  • The price has decreased below its 200-week moving average (MA).
  • There is short-term resistance at $5700.

Bitcoin’s Historic March 12 Decrease

On March 12, the Bitcoin price initiated a very rapid decrease. It went from a high of $8000 to a low of $4607 before bouncing slightly upwards above $5000. The decrease measured 43 percent. Additionally, the daily candlestick had absolutely massive volume not seen since since the all-time highs of 2017. The price closed with a bearish engulfing candlestick, barely registering a lower wick. BTC daily Decrease

Support Areas

The weekly candlestick is shaping up to be bearish engulfing. There are two main support areas, found at $5300 and and $3500. The Bitcoin price is currently standing slightly below the former, while it has reached a wick low of $4000. Bitcoin has yet to reach the $3500 support area. On a slightly bullish note, the BTC price has yet to close below the 200-week MA, even though it has decreased significantly below it. There are almost three full days until the weekly close. The price has never reached a weekly close below this MA, even though it has reached a wick below it three times — in January and August 2015 (twice). Bitcoin Weekly

Short-Term Movement

In the short-term, the BTC movement has been extremely volatile, in which one hourly candlestick went from $4000 to $5586 — an increase of 40 percent. At the time of writing, the Bitcoin price was trading inside the resistance area of $5700, which previously acted as support yesterday. BTC Short-Term To conclude, March 13 recorded Bitcoins biggest daily percentage drop to date. The price has broken through below all of the lower time-frame support levels but has yet to close below the 200-week moving average. For those interested in BeInCrypto’s previous Bitcoin analysis, click here.
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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
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