Price Analysis

Bitcoin Below its Major Support Level of $10,000; Bulls Seem to have Disappeared

Bitcoin price slips below its major support level of $10,000. Just when we thought that the coin would embark on a new journey of hiBTCgher price marks, it started tumbling in the bearish zone. However, it is feared that this price would further plunge to the lowest observed on 17th July, if it continues to decline even further. But the coin has been oscillating often to trade beyond $11,000 and below $10,000.

Despite, the coin’s potentiality to fetch gains, it currently has a bearish outlook.

BTC/USD Chart:

Bitcoin Price Chart - 24 July
BTC Chart by TradingView

BTC Current Market Statistics:

Bitcoin is currently trading at $9658.91 at 7:33 UTC as on 24th July.

The Market Cap of the coin is $173,436,846,465 and the 24h volume is $18,510,303,123.

The Current Circulating Supply of the coin is 17,834,675 BTC.

Bitcoin current trading price fetches 7,092% Return on Investment (ROI).

BTC To USD Price Comparison:

As observed from the above 1-day chart of BTC against the U.S Dollar, the price trend has slipped into the bearish zone and even hovered around $9500- its major support level. BTC price has manifested a sudden downfall of 7.18% from trading at $10,324.26 to $9,582.61 in the span of just past 24 hours. While it was trading between the range of $10,000 and $11,000, the major concern was the price to slip below $10,000. The volume of the coin also results a drop in the numbers from those of the previous week. Also, the current trading price is 6.4% less than the highest of the past 24 hours.

Technical Indicators:

The Technical indicators also point at the bearish outlook of the coin and signal at going short with their investments.

The MACD of the coin exhibits a negative performance by the coin with a bearish crossover of Signal line over the MACD line.

The RSI of the coin is towards the lower extremity below 30 and shows that the asset is oversold and undervalued.

The current price is 13.76% more than the 100-day SMA ($8490.31) of the coin as the current trading price falls in the range of lowest of past 30 days, i.e. $9,163.13.

Bitcoin Price Prediction and Conclusion:

Bitcoin is not trading with its full potential and therefore, it may take time to reap the expected results. Once the coin picks up the momentum, it will once again have a bullish outlook.  The coin is expected to trade around $15,000 to $20,000 by the end of 2019.

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Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.
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