Price Analysis

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, 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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