Price Analysis

Bitcoin (BTC) Regains Bullish Momentum Despite the Recent Decline

BTC/USD Falls Below $7200 & Lost 2% Value Overnight

  • Bitcoin has shocked its investors by halting its recovery in just a day
  • Over the last 24 hours, it has lost 2% of its value

Bitcoin has deviated from its earlier stand and started losing value. Over the last 24 hours, it reflected downside correction, and its value has moved below $7200. However, after hitting a low at $7087, BTC reflects slight improvement, and hence, it may soon reflect bullish momentum. On the upside, it may trade towards its next resistance $7320 despite the huge volatility.

Bitcoin Price Analysis

Over the last week, BTC price manages to continue with bullish influence except for few marginal fall-offs. And as per the current movement of Bitcoin, it holds strong resistance around $7320 and $7400 on the upside.

Bitcoin News
BTC/USD Chart By TradingView

Yesterday, the currency started dealing at $7320.07, and over the next 12 hours and 25 minutes, it was up by 1.99% that took the price to $7466. However, from this price point, BTC price faced a moderate fall and continued towards $7300 mark, but again it faced a sharp decline and fell to $7087 at 21:05 UTC. Further, from there, it initiated recovery, and by 01:07 UTC today, Bitcoin price managed to balloon up by 1.19% and touched $7172.15.

Bitcoin‘s market cap has followed a similar trend as well. Its market cap on yesterday was 131.409 billion USD, and over the last 24 hours, it has been slipped to 131.142 billion USD. At the time of writing this analysis, BTC lacks having support from its moving averages as it trades below them with a marginal difference. The RSI of BTC has again fallen to 41.58 points.

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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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