Price Analysis

Bitcoin (BTC) Trades Below $9500, Will the Year-End Lead to a Pale Closing of the coin?

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  • Bitcoin slips below its major support level of $9500, consolidating support near $9300.
  • BTC price plunge has led to losses for the investors.
  • With such trading momentum, will the coin close the year around $15,000 or slid to $7000; remains the crucial question.

Just when the coin was seen correcting upwards after having a dip near $9100 on the weekend, it again fell below its major support level of $9500. BTC growth momentum has been hampered in the past 1-month duration. In order to trade around $15,000 to $20,000 by the end of the year, Bitcoin needs to gear up with its pace in the upcoming months, or it may even dip as low as $7000.

The current statistics portray the same picture.

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BTC/ USD Chart:

Bitcoin Price Prediction
Bitcoin Price Chart by TradingView

Bitcoin consolidates at $9300, near its next major support level after $9500. The downward stride is very well visible in the above chart. Yesterday after having an upward price correction, it traded as high as $9701.05 and then had a sliding trade where it plunged as low as $9390.39 on the same day. Since then the price is seen declining and has a bearish momentum. Today the coin opened with a dip and is currently trading at $9501.06 at 07:21 UTC as on 30th July. The coin is currently spiked by 1.17% from the lowest of the said 24 hours.

It is quite visible that the BTC price will start a steady recovery only if the price further does not break below $9300. If the recovery takes a bullish crossover, the coin will face resistance at $10,000 and $10,200 price marks.

Technical Indicators:

The MACD shows a bearish crossover as the signal line crosses the MACD line.

The 30-day SMA is well above the coin’s 30-day EMA. The current trading price is 7% and 10% less than the coin respective 30-day EMA ($10,220.13) and 30-day SMA ($10,669.53).

The RSI of the coin is moving towards the oversold region, remains around 40.

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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