Price Analysis

Bitcoin (BTC) Takes a Leap Above $9700, Price Recovery On-the-Go

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  • Bitcoin attempts to come out of the bearish loop, takes a leap towards price recovery, trades above $9700.
  • BTC price surges above its major support level of $9300 and $9500.
  • If BTC price takes a bullish crossover, it will face resistance at $10,000 and $10,200 price level.

Bitcoin attempts to come out of the pale trading zone. It exhibits a bullish crossover at present. Bitcoin trades over the rigid support it built near $9100 and $9300, yesterday. Inevitable to note that the coin has been signaling towards having a bullish price recovery. With this, the other two major coins, viz., Ethereum, and Ripple, also manifest a growing figure today.

BTC/USD Chart:

Bitcoin Price Prediction
Bitcoin Price Chart

As observed from the above 1-day chart, BTC price exhibits a bullish trend. The price has shown enough recovery of 4.1% from trading at $9385.21 to currently trading at $9770.79 at 07:00 UTC as on 31st July. The Market Cap of the coin also exhibits a notable increase from previously ranging around $170 billion to currently being above $175.2 billion. Yesterday, the price was hovering in the range of $9300 to $9700. But today the coin has started the day with an escalation and bounces to trade above $9700.

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With the overwhelming of the positive signals, the coin is likely to fetch great returns on the investments after clearing the resistance at $9800. However, this successful breach above $9500 should stay in order to have positive returns.

Technical Indicators:

The technical indicators portray a better picture today as the coin comes out of the bearish zone after a long wait.

The MACD of the coin rises above the negative sentiment and trades with bullish divergence.

The current trading price of the coin has moved ahead of its 5-day SMA ($9573.71) and is awaiting to breach the 20-day SMA ($10,170.75) in order to have a total recovery of the losses incurred in the past bearish phase.

The RSI of the coin is above 50, showing no extremities.

With this, the coin is expected to trade around $15,000 to $20,000 by the end of the year if the current surge is a bullish divergence.

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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