The digital assets community is eagerly anticipating the White House Crypto Summit. The overall market cap has shown a modest increase, as depicted by its 4.18% upward momentum. However, the largest cryptocurrency, Bitcoin, has shown modest price drops yet again this
week.
Notably, US President Donald Trump signed an executive order approving a national Bitcoin Strategic Reserve in the past day. This marks a crucial milestone in crypto history and US history. On the other hand, the digital asset’s downward movement despite this advancement has raised speculations.
On its daily price chart, Bitcoin shows a 4.89% drop over the last 24 hours. In the morning hours of March 6, the cryptocurrency was trading at a high of $92,804. However, as bearish signs took over, BTC slid to the $87,000 range. At the time of writing, the digital asset was trading at $88,148 as per CMC data.
Zooming out, to its weekly trading history, Bitcoin shows bullish trends. Despite fluctuations, it has managed to depict a 10% surge from the Monday market crash. Traversing from a 5-month low of $78,258 it also tested a high of $95,043 during the span of the last 5 days.
Will Bitcoin Fall Further Before A Rebound?
On analyzing its recent price actions, Bitcoin traces a horizontal pattern. This suggests that the token is entering a consolidation phase. The consolidation range stands between $83K – $95K. The horizontal channel indicates that it could either be followed by a price descent or a breakout.
Secondly, its Moving Average Convergence Divergence (MACD) signal line recently crossed over the MACD line entering a negative environment. This shows that Bitcoin still holds the potential to turn bullish. Additionally, its RSI value stands at 43.33 suggesting an oversold market situation as per TradingView data.
Meanwhile, other altcoins such as XRP and Tron have shown modest price decreases in the last 24 hours.