Bitcoin (BTC) Trades Below Its Major Support Level of $10,000, Is This An End of The Bull Run Already?

Just when we thought that Bitcoin is in its recovery mode and is bouncing back to have a steady price rally towards $11,000 and beyond, it has again fallen and this time even below its major support level of $10,000. Bitcoin has slid and crossed the descending support levels at $9800 and $9500. This flaw in the BTC price trend may cause the market and many other coins that are anchored by BTC to crash and lose a subsequent amount. Well observed, the major coins after BTC viz., Ethereum and XRP are also trading with a loss of 12.58% and 5.44% respectively.

Bitcoin Chart

The current market statistics also portray the gnawing scenario of the coin.

BTC Chart:

Bitcoin Price Prediction

BTC Current Market Statistics:

  • Bitcoin is currently trading at $9,542.43 at 5:54 UTC as on 17th July.
  • The current Market cap of the coin is $170,655,408,015 and the 24h volume is $26,229,650,707.
  • The circulating supply of the coin is 17,822,312 BTC.
  • Bitcoin currently fetches 6,975.06% Return on Investment (ROI).

BTC to USD Price Comparison:

Bitcoin price draws two contrary trends since yesterday. Yesterday when we saw the price surging and crossing major resistance levels and today, we see the price crossing major support levels and even went as low as $9300. As observed from the above 1-day chart, yesterday at 1:06 UTC, the coin was trading at a high of $11,024 crossing its major resistance level at $11,000. Later around 15:56 UTC, the coin went back to trade in the range of $10,000 and $11,000 at $10,518.64. This led to a 4.5% decrease on the same day. From that price point, the trend started descending and went as slow as $9,292.77 today at 2:45 UTC manifesting a fall of 15.71% from the highest of the past 24 hours.

Technical Indicators:

  • The 50-day MA moves above the current price trend, showing a bearish outlook at present. The current price is descended by 4.01% from the 50-day MA ($9,941.07).
  • The MACD of the coin also gives a bearish outlook as the signal line crosses the MACD line and is quite volatile as of now.
  • The coin will face the major resistance and support near $9000 and $9800 respectively.
  • According to the our Bitcoin price expectations the coin is expected to trade around $15,000 to $20,000 by the end of the year.

BTC Price Prediction and Conclusion:

Although, the price is facing enough volatility and today, heading towards the bearish zone.  Bitcoin lovers and investors cannot really have enough of it and its shockingly surprising nature.

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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