Bitcoin (BTC) Makes Constant Efforts To Rise And Cross $11,000; Bouncing Back From The Bears It Was Facing

Bitcoin was slumping for the past 3 days and is now moving towards having a better outlook. Bitcoin grows above the baseline and has already overcome $10,300 and $10,500 price marks, that served as the major resistances while correcting upsides. As per the current upward momentum and BTC price prediction, Bitcoin is expected to soon cross the major resistance at $11,000; either provided or if it maintains the upward motion.

BTC Chart:

Bitcoin Price Prediction
Bitcoin Price Chart by TradingView

BTC Current Market Statistics:

  • Bitcoin is currently trading at $10,708.17 at 9:28 UTC as on 16th July.
  • The market cap of the coin is $192,420,541,355 and the 24h volume is $22,001,334,747.
  • BTC holds a circulating supply of 17,820,312 BTC.
  • Bitcoin currently fetches 7,879.01% Return on Investment (ROI).

BTC to USD Price Comparison:

As observed from the above 1-day chart by Coinbase, the trend showcases an upward momentum. If looked upon closely, the coin was trading as high as $13,129.53 on 10th July. When compared with the current trading price, a decline of 18.44% has been recorded within a week’s time frame. Yesterday, Bitcoin was trading at $9,359.8, even below its major support level of $10,000. The current price has a growth of 14.4% from the latter. Important to note that the coin even went beyond $10,000 for some time just before the onset of 16th July.

Technical Indicators:

  • The current price is 5.9% less than the coin’s 20-day SMA $11,380.27.
  • The MACD of the coin is having a negative outlook and shows a scale of volatility.
  • The RSI is between 30 and 40, which shows an inclination towards the lower range.
  • As per Fib Retracement, the coin will face the major resistance at $11,000 and beyond it around $11,076.43, while the major support level is around $10,500 and $10,300.

BTC Price Prediction and Conclusion:

Intraday traders need to continuously gawk at the growing trends to make profits at the rising inflection points. Needless to mention that Bitcoin is the currency for the long-run investors, and the coin is expected to trade around $15,000 to $20,000 by the end of the year.

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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