Bitcoin market update: BTC/USD dives to $5,800 amid high crypto volatility levels

Bitcoin stays in the green despite the drop to $5,800.
Technically, Bitcoin path of least resistance is upward sideways.

John Isige FXStreet

After trading close to $6,000 Bitcoin has been fighting to stay above $5,850 support. However, high volatility means that price prediction is difficult at the same time rendering support and resistance levels almost insignificant. For instance, the flash drop just moments ago has seen Bitcoin plunge below $5,900 butchering the support at $5,850 to test $5,800.

A reversal has occurred above $5,800 and BTC/USD is trading around $5,844 while supported by the 100 SMA as well as the EMA200. The brief flash drop caused the RSI to dive towards the oversold but reversed on touching 30.00. The MACD, on the other hand, had hit levels around +62.88 is increasing the divergence in the negative region to show that bears are gaining traction.

Technically, Bitcoin path of least resistance is upward sideways. The support atv$5,800 will stay put to the close of the session today while $5,900 is likely to be the barrier to the upside. It is now clear that the journey to $6,000 was not going to be that smooth.

BTC/USD 15’ chart

Author

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

Meme Coins Price Prediction: Dogecoin, Shiba Inu, Pepe rally on Venezuela’s shadow BTC reserve

Meme coins such as Dogecoin, Shiba Inu, and Pepe are leading the cryptocurrency market rally driven by the US cross-border operation to capture Venezuelan President Nicolás Maduro. Dogecoin extends its gain for the fifth consecutive day while SHIB and PEPE take a pause.

Cardano Price Forecast: ADA breaks above falling wedge, upside constrained by geopolitical risks

Cardano (ADA) steadies above $0.40 at the time of writing on Monday after a decisive close above the falling wedge pattern in the previous week. The derivatives market supports improving sentiment, with ADA’s Open Interest rising and long bets increasing among market participants.

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – Bulls firmly in control as BTC breaks $93K, ETH and XRP extend gains

Bitcoin, Ethereum, and Ripple extended their rallies on Monday, gaining more than 4%, 6%, and 12%, respectively, in the previous week. The top three cryptocurrencies by market capitalization could continue to outperform, with bulls in control of the momentum.

Top Crypto Gainers: Brett, Bonk, Dogwifhat – Meme coins rally amid US-Venezuela tensions

Meme coins, including Brett (BRETT), Bonk (BONK), and Dogwifhat (WIF), lead the crypto market rally with double-digit gains over the last 24 hours following the US capture of Venezuelan President Nicolás Maduro on Saturday. Technically, meme coins could extend gains as bulls maintain firm control.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.

Legal Text

Markets move fast. We move first.

Editor's Picks