Crypto market daily price chart

Compared to the trading action of earlier in the week , Bitcoin’s (BTC) price was relatively muted on Saturday because the digital asset traded between $5,045 and $5,641. Although the digital asset dropped quite 50.8% on March 12, it's since regained 37.5% to trade at $5,200.

Crypto market daily price chart. Source: Coin360

Many within the crypto space are still attempting to piece together a narrative that explains the carnage of the past week and for the nonce , the weekend closure of major equities markets appears to be mitigating a number of the Coronavirus fear, which has negatively impacted both markets for weeks.

Some traders and analysts still point accusatory fingers at BitMEX, claiming evil on their part allowed things to escalate to close catastrophic levels.

BTC USDT daily chart. Source: TradingView

At the time of writing, there's a neutral Doji candlestick on the daily timeframe, showing traders remain uncertain on the direction the worth may take and therefore the candlestick by itself is neither bullish or bearish.

Referring to other indicators helps provide a far better picture of the prevailing trend and a look at the relative strength index (RSI) shows the indicator flat in oversold territory

BTC USDT 4-hour chart. Source: TradingView

On the shorter, 4-hour timeframe, traders will notice that the RSI remains flat as buy and sell volume decrease and Bitcoin trades within a narrowing range between $5,517 and $5,021.

Some traders would argue that the short-term frame supports a bullish case for Bitcoin as each 4-hour candlestick has formed a lower-high as price descends lower but the moving average convergence divergence, Stochastic RSI and RSI trend upward, and therefore the MACD histogram shows a rise in positive momentum.
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