Price Analysis

Bitcoin (BTC) Faces Mayday, After 11% Loss it Confines to $8600

Finmax
  • BTC loses big over the last 24 hours to be placed at 8600 USD.
  • It may seek the support of 8059 USD soon.

Bitcoin has witnessed one of the worst days of recent times. Over the last 24 hours, it has been down by more than 11% and the value has been fallen to 8600 USD after a tremendous cut. The four price variations have given the price trend a range between 9737 USD and 8164 USD.

Bitcoin Price Analysis

The initial 11 hours for BTC had no abrupt changes. The first weakness started at 11:23 UTC and in the next 3 hours and 43 minutes, it fell to 9402 USD after a 3.44% decline. The second swing happened between 16:13 UTC and 19:45 UTC; Bitcoin lost 1409 USD to be placed at 8164.67 USD, the lowest point for the day. In the next 3 hours and 25 minutes, the coin took an upward movement to reach 8794 USD. However, towards the closing of yesterday, Bitcoin starts weakening and the last variation cost it 1.09%; forced the value to 8698 USD by 02:17 UTC today.

Finmax BTC
Bitcoin
Bitcoin Price Chart by TradingView

BTC’s latest fall has shocked the whole market and the hope of a bullish rally in 2019 has started blinking. Both the 20 days and 50 days averages are going way above the current price. As per our prediction, it may not see any quick turnaround shortly.

Bitcoin Support & Resistance Levels
1st Resistance $9492.99
2nd Resistance $10365.41
3rd Resistance $10926.51
1st Support Level $8059.47
2nd Support Level $7498.37
3rd Support Level $6625.95

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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