Bitcoin (BTC) Exhibits Stability; Holds the Value around $8700

  • Bitcoin seems to have retained the moderate bullish trend
  • It may soon touch $8819 as its next resistance with a moderate volatility

Bitcoin has maintained its price near $8700 mark from yesterday. Though it has been through a few ups and downs, there has been a 0.90% increment in the value in this period. It is likely to retain this bullish vibe in the near-term.

Bitcoin Price Analysis

BTC was being traded at $8633.67 at the starting of the day, and in the next 4 hours and 38 minutes, it went upwards to touch $8675. At 04:38 UTC, Bitcoin’s price started weakening. By 19:53 UTC, it was at its lowest point of the day at $8500. However, this 2.01% drop was followed by a boom to the extent of 2.65%. This upsurge took the price to $8725.83 by 01:17 UTC today.

Bitcoin News
BTC/USD Chart By TradingView

Bitcoin’s both 50 days MA ($8721.41) and 20 days MA ($8723.03) are trending above its current price. However, the gap doesn’t seem to widen in the short-term. BTC price is likely to touch its next resistance at $8819 soon. However, investors may not get relief from intraday price shocks in the coming days. Apart from this, to know more about the future predictions for Bitcoin with its prediction chart at our forecast section.

Support & Resistance Levels

R1- $8819.56, R2- $8893.23, R3- $9030.75

S1- $8608.37, S2- $8470.85, S3- $8397.18

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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