Price Analysis

Bitcoin (BTC) Recovery Rally Comes to a Standstill Around $8,000

The traders in the crypto market are going through an adventurous phase. If we talk about the last three days, Bitcoin(BTC) price was dealing at $8,400 on October 01, $8,300 on October 02, and today, it is trading at $8,300 and moving towards $8,400 again. This fluctuation in the BTC price is pointing towards the recovery. We are anticipating that the quarter would take the coin to a new high.

If we look at yesterday’s chart, the price of Bitcoin was seen touching a high at $8,393.04 and a low at $8,227.70. The volume was marked at $13,125,712,443.

Bitcoin Price Analysis:

The data feed is taken from TradingView on October 3, 2019, at 05:43:03 UTC for BTC technical analysis.

btc to usd price chart
Bitcoin Price Chart by TradingView

Yesterday, Bitcoin started the day at $8345 and the price slipped to $8196 by 1.23%. The price immediately recovered by 1.62% and took the price up to $8329. Then, the Bitcoin value slipped to $8300 and kept dealing around the same level. Towards the last few hours, it again escalated and took the price counter to $8438 from $8260 by 2.35%. The intraday escalation in the price of BTC coin was 1.20% as the day closed at $8438. Today, the first few hours created a pullback and took the price to $8374 by 0.75%.

The year has entered into the fourth quarter; the first two quarters were quite good for Bitcoin. As a result, during the beginning of the third quarter, it was seen touching at $13,000. Well, the situation took a weird turn post the tremendous uptrend. However, the current scenario is indicating towards a better future. The coming months hold high hopes and we are anticipating that things would fall into place. We would recommend the traders to opt for long-term trading.

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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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