Price Analysis

Bitcoin (BTC) Gives Five Shocks in Seven Hours; Likely to Close at $11,600

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  • Bitcoin (BTC) has shown five major price swings in the last 7 hours in the range of 4.5% and 8%.
  • The closing price of the day is likely to be around 11,600 USD.

In the last few days, Bitcoin has shown huge price variations on the intraday basis. The ups and downs have been very steep and unprecedented. Though there has been an ample of space for the traders to make a profit, the chances of taking steps to lose money have never been completely avoided. Here is an analysis of Bitcoin’s price movement in the last 7 hours to educate the intraday traders to reorganize their investment strategy. Let us look at the current details of the coin.

BTC Price Statistics-

Bitcoin Price Chart - 1 July
Bitcoin Price Chart
Bitcoin (BTC) 01st July 10:06 UTC
Rank 1st
ROI (Return on Investment) 8,098.84%
Coin Circulation 17,791,150 BTC
Market Cap 197,493,917,447 USD
Value in USD 11,055.81 USD
All-Time High 20,089 USD
24h Volume 28,548,602,636 USD

BTC to USD Price Comparison-

Bitcoin first encountered a fall of 4.64% between 03:47 UTC and 07:55 UTC trading from 12197.16 USD to 11631.73 USD. It was again followed by another fall of 7.97% between 09:33 UTC and 14:15 UTC to fall from the trading price of 11843.37 UTC to 10886.24 UTC. But this fall was a temporary one. Another hike of 4.90% was noticed between 14:15 UTC and 20:58 UTC. It was again followed by a dip of 6.94% over the next 3 hours & 11 minutes. The latest one is a growth of 5.26% over the next 3 hours and 43 minutes until 03:47 UTC. This hike has helped the coin to reach 11,180 USD price point, and since this point, the coin has been performing with decent stability.

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Bitcoin Price Prediction-

The short-term outlook of Bitcoin is bullish. The coin is likely to go beyond 11,600 USD by the closing time. It should be noted that the coin may have much more price swings in the short-term period.

Conclusion-

Short-term traders should trade with a hope of growing the worth of the value invested. The time to react may become less, as the coin has been prone to quick turns.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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