Price Analysis

Bitcoin (BTC), Instead Of Recovering, Falls Below $11,000; Will This Be An Extended Price Dip?

  • Bitcoin slid below $11,000, even below its major support level.
  • BTC to take a U-turn or is it just a regular bump in the road?
  • BTC to USD graph appears bearish.

Just when we thought that Bitcoin would make an unexceptional leap towards $12,000 and beyond; to our surprise, it slid below $11,000. Now the major question lies is, whether this is a regular bump in the trading counter or is it the extended fall which may leave BTC in the bearish zone? Bitcoin trades around $10,500; a lot lower than $11,000.

BTC to USD Price Chart:

BTC Price Prediction
BTC Price Chart by TradingView

BTC to USD Price Comparison:

Bitcoin under selling pressure; exhibiting a ‘sell’ signal as it slides below $11,000. BTC currently trades at $10,570.01 at 06:40 UTC. The coin has been on a roller coaster ride in the past 24 hours. The coin broke all its major support levels at $11,300, $11,000 and $10,800. The down stride has been easy and breezy, as the coin was well above $11,000 trading at $11,339.31 at 07:47 UTC, yesterday. As observed, the coin has been sliding since then, which made it dip by 7.64% to trade as low as $10,472.09.

BTC Price Prediction and Technical Indicators:

BTC current trading price slips below its 10-day SMA of $11,473.54 by 7.8% but is slightly above its 30-day SMA of $10,566.23 by 0.03%.

The MACD of the coin is in the positive zone but with a bearish outlook as the signal line crosses the MACD line.

The RSI of the coin breaches the lowest extremity and is below 30 and is in the oversold momentum due to the bearish move.

If BTC continues to slip even lower, it may end the year with a plunging outlook, whereas if it even takes a leap, it may close the year trading around $15,000.

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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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