Price Analysis

Bitcoin (BTC) Starts the Week with an Upsurge; May End the Year Neutrally

  • Bitcoin manages to grow marginally over the last 24 hours
  • The next halt may come by $7531

Bitcoin has not been able to fetch any significant upsurge to end the year with a bullish note. Over the last one month, the trend of BTC has shown numerous price fluctuations. However, the price has traded between $7200 and $7600. With no signs of significant growth in the near future, Bitcoin has managed a 0.51% escalation over the last 24 hours.

Bitcoin Price Prediction

BTC price was trading around $7303.78 when it opened the week. The initial 9 hours were moderately bullish for the coin as it helped the price to get an elevation up to $7351 by 08:51 UTC. It was followed by another boost that built some momentum for Bitcoin and took the price to the highest for the day at $7531 by 20:25 UTC. However, the currency could not make this hike a long ride, and over the next five and a half hours, it subsided by 2.40% to get to $7350.51 again. It should be noted that there were no sudden shocks for the intraday traders yesterday.

Bitcoin News
BTC/USD Chart By TradingView

The struggle of Bitcoin on the price front is reflected equally on the market cap as well. Between December 29 & 30, the market cap has been down to 133.772 billion USD from 134.570 billion USD. However, as the top-ranked coin, BTC sees no major change in its market perception.

Bitcoin’s current price is at $7341.06, and it has managed a comfortable lead over its 50 days MA ($7340.11). It’s 20 days MA is at $7341.75. The coin still holds the highest potential in the market, and it is likely to go through a booming period in the medium-term. Intraday traders need to wait for the right time to move as BTC seems in no mood to reclaim its glory anytime soon.

Bitcoin (BTC)Support & Resistance Levels
1st Resistance$7531.11
2nd Resistance$7639.57
3rd Resistance$7765.19
1st Support$7297.03
2nd Support$7171.41
3rd Support$7062.95
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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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