BTC / USD Analysis Cryptocurrency traders have long viewed Bitcoin as a store of value like gold, and it seems to be doing great amid the current crisis. Bloomberg analyst Mike McGlone said in his latest cryptocurrency newsletter that digital currencies have correlated around 0.80 in the past 12 months, the highest since 2010. Ruchir Sharma, head of emerging markets and chief global strategist at Morgan Stanley Investment Management, told CNN in an interview with CNN that with central banks printing huge amounts of money, traders should keep about 5% of their portfolio in gold or cryptocurrencies as they, will probably perform well for the next three to five years. Long-term forecasts are still optimistic, but has bitcoin hit the bottom, or could it fall further? Let's analyze the dynamics of the BTC / USD rate on a weekly chart to find out. Last week, bitcoin traded without much change, rising 0.77% to $ 10,338. Trading in a small range during the week led to the formation of a doji candle, which suggests a balance between bulls and bears. Although the price of the coin dipped below the 20-week EMA, the bears failed to strengthen selling, which suggests that the bulls are buying Bitcoin at lower levels. However, if the bulls do not quickly push the price back above the neckline of the inverted head and shoulders, a new wave of selling is likely. If the bears push the price below $ 9,832, a fall to the 50-week SMA is likely. Such a move would bring huge negativity and also negate the bullish reverse head and shoulders pattern. Failure of the bulls is a negative sign as it can cause aggressive bulls to close their positions. However, if the price rises from its current level and breaks the neckline, then the recent fall was a bearish trap. Such a move could attract new buyers. Weekly analysis of the BTC / USD price shows that bulls and bears are safe and do not bet big. Let's take a look at the BTC rate on a daily chart to determine those critical levels to watch out for.