Price Analysis

Bitcoin (BTC) Rips Off the Gains as Price Slips to $8,900

The crypto market experienced a heavy fall in the price, yesterday. There were few coins that registered an improved movement within the days’ time, while others are still dealing in red. Bitcoin is comprised in the latter section of the group as it is still falling tremendously.

The intraday traders in Bitcoin (BTC) are quite disappointed as the price tested the major support at $9,000 and most importantly the technical support at $9,200 and dipped to $8,900. A week ago, the coin was seen struggling at $8,300, but the improvement in momentum brought it up to $9,300. The intraday chart of the coin is as below.

Bitcoin Price Prediction:

As per the given graph, we can clearly observe that the coin falling noticeably, since the opening hours. However, yesterday, Bitcoin started with a slight moderation. The coin started slipping in the later hours and dropped to $9,162 from $9,365 by 2.17%. The price remained locked at the same level for some time, but later fell to $9,055.

The currency improved again and closed at $9,198 marking an intraday regression of 1.80%. Today, the day started with a slight uptrend of 0.55% as the coin moved from $9,196 to $9,249. Later, BTC was seen taking a steep fall of 3.03%. The coin touched $8,968.

Bitcoin Price Forecast
BTC Chart by TradingView

BTC price movement for intraday traders isn’t impressive. The coin has already crossed immediate support level, the next support level and the major support levels. The traders weren’t expecting such a tremendous fall.

BTC is recommended for long-term investment. However, keeping in mind the current market scenario, we would suggest staying put for a while. Once the market attains stability the traders can dig-in again with a high prospect of profit.

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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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