Bitcoin price retreat today as the consolidation phase around 13-month lows continues. BTCUSD failed to capitalize on the interest rate cut by the Fed and the liquidity injection in the markets amid the turbulence. Coronavirus crisis increased the demand for the US dollar as investors running to cover in cash.
Brian Brooks, the Chief Legal Officer of Coinbase, has appointed to serve the U.S. government as the Chief Operating Officer and First Deputy Comptroller of the OCC. Brian Brooks has advocated that the U.S. government needs to design its own digital currency.
The major cryptocurrencies are also declining by over 2%. Ethereum is 2.98% lower at 112.46, Litecoin is 2.28% lower at 33.28 while Ripple is 2.59% lower at 0.1438.
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Bitcoin Price Analysis
Bitcoin price is 2.27% lower at $5142 as the price stalled at $5500 level. Bitcoin has formed a robust first base around $4,800 while the sentiment improves as long as BTCUSD trades above the $5,000 mark. Bitcoin outlook is bearish, and only a move above the $6,000 mark can cancel the recent downtrend.
On the downside, first support for bitcoin will be met at $5088 the daily low. If Bitcoin breaks below, the next support stands at $4,421 the low from March 16th trading session. The low from March 13th would provide the next support area at $3,847.
On the other hand, the resistance for BTCUSD seen at $5452 the daily top. More offers will be met at $5555 the top from yesterday’s trading session. The next hurdle for the BTCUSD stands at $5967 the high from March 15.
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