Bitcoin In Short-term Corrective Path

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 worldโ€™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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