Bitcoin Price Fails to Test $10,000 Again, Alternative Cryptocurrencies Also Drop

Analysts were optimistic in regards to the price trend of bitcoin, given that the bitcoin price increased from $6,500 to $9,900 within three weeks, supported by a gradual increase in volume and demand. The consistent recovery of bitcoin allowed the Relative Strength Index (RSI) and Williams’ Percent Range (WPR) to demonstrate a neutral zone, showing neither overbought or oversold conditions.

However, as it did in its previous attempt, the bitcoin price failed to remain above $10,000 mark after briefly testing it on May 5. In other major markets such as Hong Kong and South Korea, the bitcoin price surpassed $10,000 due to their premium rates but in the US, the bitcoin price achieved $9,900 and fell back to $9,600.

At the time of reporting, the bitcoin price remains below $9,600 and it remains unclear whether bitcoin could initiate a new rally to eye an entrance into the $10,000 region. The RSI of bitcoin is currently 59.2, signifying a neutral zone. Both exponential and simple moving averages show a healthy short-term trend for bitcoin, demonstrating a strong buy signal.

Sourced through Scoop.it from: finance.yahoo.com