Bitcoin (BTC) Price Slips Near $10,000, Pulls Back from $10,600

  • Price of Bitcoin exhibits a notable fall.
  • BTC trades around its major support level of $10,000.
  • BTC price drops by over 6% and trades around $10,100.

Bitcoin price after trading around the peak price of $10,900, yesterday, it is now trading around the lower price range of $10,100. The BTC price opened with a downtrend today having a major price variation in the range of $10,900 to $10,100, currently inclined towards the lower side. Bitcoin broke its major support near $10,500 and $10,300. The major question lies is whether this is a temporary pull back or will the coin drop down even further?

BTC to USD Price Chart by TradingView:

The chart is a data feed from Coinbase as on 21st August at 08:34 UTC.

BTC Chart

BTC Price Comparison:

Tracing the 4-hourly movement of the Bitcoin, we observe that the coin has already slid in the critical trading zone. As per Bitcoin future value predictions, Bitcoin value is quite volatile at present, wherein the upcoming momentum of the coin cannot be rightly predicted. BTC is currently trading at $10,163.72, slightly above its major support at $10,000 price level. However, has been traded as low as $10,080.14 after trading at $10,255.87, having a regression of 1.71%. The current trading price is slightly above by 0.82% from the critical price around $10,000. The coin is likely to face major resistance at $10,300 and $10,500, while the important support area is around $10,000. Once the bitcoin value slips below it, the investors will embark on a loss-making journey.

Technical Indicators:

The price has quite a few times touched the lower and the upper Bollinger bands and is currently slightly away from its mean range. 

BTC trades with a selling pressure and is notably away from its 5-day EMA ($10,480.66) and 5-day SMA ($10,476.75)

The MACD of the coin is moving to appear neutral as the signal line and the MACD line meet,

The RSI of the coin move towards the upper extremity, but currently remains in the range.

Bitcoin price has always been a mighty investment option for the investors and a graceful option for the portfolios. Bitcoin loyalists and lovers follow a simple thing that says, go long when the price is low and go short when the price rises with a force.

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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