Price Analysis

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.

Support & Resistance Levels

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

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

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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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