Bitcoin price analysis: BTC/USD loses $400 within 45 mins

• BTC/USD crumbles under intense selling pressure.
• Bulls try to recover the price following the crash.

BTC/USD has had a very interesting Thursday so far. After crossing $9,000 for the first time since November 2018, BTC/USD crumbled under intense selling pressure. BTC/USD went down by 8.25% within seven hours, going down from $8,945 to $8,205, achieving a low of $8,005 in the process. At one point, BTC/USD lost $400 in just 45 mins. This Thursday’s price crash happened after three days of price consolidation. Currently, the bulls are in the recovery phase as they have managed to pull the price up to $8,315.

BTC/USD daily chart

• After BTC/USD’s price went above the upper curve of the 20-day Bollinger band, the bears immediately took over and brought it down.
• The market has currently found support on the 20-day simple moving average (SMA 20).
• The narrowing of the Bollinger jaw indicates decreasing market volatility.
• As per the moving average convergence/divergence (MACD) indicator, the MACD line has crossed over with the signal line, indicating bearish momentum.
• The latest price movement was so bearish that the Elliot oscillator had a bearish session after four consecutive bullish sessions.
• The relative strength index (RSI) indicator has dropped out of the overbought zone and is currently trending at 62.