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Price Analysis

Bitcoin (BTC) Price Along With Crypto Market Turns Bearish; Trades Below $10,000

Crypto market seems to face a dearth of the adrenaline rush since yesterday. Almost all the coins are trading with a negative change over the past 40 hours now including Bitcoin. The top coins have lost significantly in this downward stride and has turned the entire crypto market to have a pale trading. Price of bitcoin, Ethereum and XRP have been trading even lower than their respective major support levels. This has notably affected the market cap of the top coins and the altcoins as well.

Bitcoin, the anchor slid below its major support level of $10,000 which may have left the whale investors to experience the blow. Just when the analysts and experts were predicting that Bitcoin price would range somewhere around $15,000 by the end of the year, but the BTC price seems to have taken an opposite direction. BTC was trading above $11,000 in the past 10 days but the market pullback has taken the coin to its current trading price.

BTC to USD Price Chart by TradingView

The Bitcoin price chart is a data feed taken from Coinbase as on 22nd August at 08:16 UTC.

Bitcoin Price Comparison
BTC Price Chart by TradingView

BTC Price Comparison

Bitcoin price after trading in the range of $10,100 to $10,700, has now fallen below $10,000. After tracing the movement of the coin in the past 4 hours until now, we can deduce that the Bitcoin tried to breach $10,000 after trading below it, many a times. But BTC price could not really maintain a persistent trade and is currently trading at $9907.95. As observed BTC was trading at $9850.79 around 04:00 UTC. Within the said time frame, around 06:30 UTC, BTC made a leap of around 1.96% to trade beyond $10,000 at $10,043.92. The current trading price is 1.35% less than the latter price mark.

Technical Indicators

The coin is trading under selling pressure, well below its 30-day SMA ($10,585.89) and 30-day EMA ($10,630.50)

The MACD of the coin appears in the negative zone with a bearish outlook as the signal line crosses the MACD line.

The RSI of the coin is at 30 pointing towards the oversold region.

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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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