Bitcoin Price Analysis: BTC/USD black Monday again, will $5,000 even hold?

Most markets, the crypto market included are still in shambles for the second week since the Coronavirus was declared a global pandemic. Travel and learning have been stopped in many countries. Fear and uncertainty have gripped most investors with people selling only to ask questions later.

Bitcoin price has remained under selling pressure the entire weekend. Gains above $5,500 have been unachievable while $5,000 has managed to hold as a support area. BTC/USD is trading at $5,293 at the time of writing. Selling activities are still at peak considering the price has adjusted from $5,348 (intraday high) to $5,177 (intraday low).

Compared to last week, the cryptocurrency market is calm. However, it is apparent that investors are watching from the sidelines too afraid to join the wavy market. The daily chart shows Bitcoin trend inclined to the downside. The RSI has been unable to rise from the oversold zone following the catastrophic drop last week. A wide bearish divergence with the MACD clearly shows that the bears are in the driver’s seat and not ready to give up control any time soon.

It is important that the $5,000 support holds to ensure that Bitcoin averts the potential drop under $4,000. Progress has to be made above $6,000 (key resistance) to pull BTC/USD from prevailing seller influence between $5,000 and $6,0000.

BTC/USD daily chart