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Price Analysis

Bitcoin (BTC) Registers Heavy Loss in Weekly Trading Duration; Hovers Around $10,000

  • Bitcoin price falls by 4% in the 7-day chart.
  • It seems to be a temporary downtrend, as it maintains the trading price range above $10,000.

Bitcoin (BTC) has booked a bearish trend in the market. The coin is not indicating any improvement since a few days now, and it seems that the same will continue for some more time. However, the currency has shown a remarkable growth from the beginning of the year. BTC price opened the year at the trading price of $3,999 and is now dealing beyond $10,000.

We are positive that it might start recovering by the end of the ongoing week and should give a push to go beyond $11,000. However, if it breaks below $10,000, it ought to see support around $9,800; marking a price even lower than its 7-day low. There are strong anticipations that Bitcoin price might close the month around a similar price level

Bitcoin to USD Price Comparison

Bitcoin Price
BTC Chart by TradingView

Looking at the chart, we can observe a fall in the price of the coin. Starting from 6th September, BTC price reflected an upward movement but later fell massively after touching $10,929. The fall in the intraday price was of 2.29% as the counters changed from $10,600 to $10,357. On 7th September the coin felt a pull-up in the price, which marked a progression of 1.59% by touching $10,518 towards the end of the day.

Later, Bitcoin again started falling from 8th September. There was an intraday loss of 0.88% as it closed at $10,425. On 9th September, the trend continued and registered the loss of 1.01%, as the closing price of the coin was $10,320. On 10th September, BTC dropped from $10,320 to $10,230 by 0.88%. Yesterday, the coin booked a moderate movement as the price counters changed by 0.14% and closed the day at $10,216. Today, the coin is trading at $10,150, at the time of penning down.

Bitcoin Price Prediction

The above-mentioned chart is reflecting that Bitcoin started the weak at $10,600 and is now at $10,100. The fall in the price of BTC is by 4%. However, despite a heavy fall, we firmly believe that BTC has the potential to recover the loss, provided if it gets a great push.

Bitcoin is known for ruling the crypto market. The coin has always been result-oriented and hence, investing in it would give a high return in the future. We would strongly recommend the traders to dig in for long-term investment plan to get the desired result.

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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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