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Price Analysis

Bitcoin (BTC) Price Analysis : Bitcoin’s Market on a Perceptible Descent

Bitcoin- the most popular and the largest and the first cryptocurrency- is an open source digital payment currency that uses a digital medium of exchange and peer-to-peer technology to create and control monetary transactions on the exchange platform. Bitcoins are created by a competitive and decentralized technique called mining. Bitcoin mining is under process right now to reduce the cost of mining which will, in turn, give huge monetary returns. The total number of coins in circulation amounts to 21,000,000 BTC.

BitcoinBitcoin (BTC) is the 1st largest cryptocurrency in the crypto market whose current MCap value is trading at $69,856,216,782 USD for the corresponding 24h volume of $10,301,883,788 on March 26 at 9:19 UTC. The current price of USD per Bitcoin is $3966.77. The market opened at 65 billion USD in the year beginning, and a reached a peak crossing 70 billion between January 7 and 10 with average pricing of USD 4030. The volatility of the cryptocurrency broke the peak price, and the market deteriorated. The cryptocurrency encountered its downtrend period between January 11 and February 08 reaching the lowest on February 08 at 07:34 UTC with the value of USD 59,547,966,963, which is lower than the current value by 17.31%. The values inclined from it’s low and hiked to a peak between February 19 and 24 crossing 70 billion USD and reaching the highest of USD 73,566,402,312. The current value is lower than its all-time high by 5.31%. The current trend, however, shows a downfall in the values gradually, which is evident with the insignificant increase in moving averages. The 20-day EMA exhibits an increase in value from $68,628,958,311 on 22:34 UTC to the current value by 1.79%. Similarly, the 14-day MA also shows a negligible increase in the value from $68,824,953,507 on March 12 at 23:34 UTC to the current value by an increasing percentage of 1.50%. The increasing percentages exert mild bullish pressure on the cryptocurrency’s market.

The current price of USD per BTC is $3966.77 on March 26 at 09:19 UTC. The market trend shows that the MCAP values and the price of USD have been overlapping for the major part. Although the price of USD shares it’s high and low with the MCap values, the price of USD dominates the market. The pricing reached its lowest on February 08 at 07:34 UTC when the price fell to USD 3,397.71 which is lower by 16.75% from the current value. However, the price of USD rose along with the MCap value and reached its high on February 24 at 12:34 UTC of $4,190.57. The values climbed 23.34% from its all-time low. None the less, the cryptocurrency reached its milestone between February 18 and February 24 when the values rose from $3619.18 to $4190.57 with an increase in percentage by 15.79% in 06 days.

The comprehensive market and the moving average percentages do not provide significant growth in the market, rather points towards the degrading market. Hence, the balance falls in favor of the sellers. The investors and traders, both, with the long term and short term investment plans will have to sideline themselves and observe the market trend. Investment in this cryptocurrency will be profitable once there is a steady increase in the market value.

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Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.
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