Price Analysis

Bitcoin Embarks on a Recovery and Jumps to $8,200

  • Bitcoin (BTC) price is on the escalation spree when compared to the recent fall which took the coin to trade below $8000
  • The price upsurge spikes a slight hope amongst the traders

Bitcoin price has exhibited an improved movement since yesterday. The period before that was quite disturbing as Bitcoin was seen trading around $7,900 and was badly affected by the volatility of the market. If we look at 7-day statistics, the coin has been seen trading at a high $8,410.71 and $7,902.16 low.

As per the latest statistics, the price jumped to the highest at $8,281.82 and fell to the lowest at $7,949.44. Let’s have a look at the intraday chart of the coin.

BTC to USD Price Analysis:

Yesterday, Bitcoin started trading around $7,995, and for the first few hours, BTC kept hovering around the same. Later, the price started moving up and touched $8,129. Towards the day’s end, the coin slipped and dropped to $8,262 by 0.82%. The intraday price movement registered an escalation of 3.33% as the coin closed at $8,262. Today, Bitcoin is seen trading around $8,262. The price moved from $8,235 to $8,309 by 0.90%, while the price at the time of writing remains at $8,264.

Bitcoin Price
BTC Chart By TradingView

Bitcoin is currently on the path to improvement. If the same remains intact, then in no time, the traders would be recovering from the losses. The currency holds great potential, and the same is the reason behind the popularity of the coin.

Resistance Level Price Support Level Price
R1$8,352.79S1$8,020.41
R2$8,483.49S2$7,818.73
R3$8,685.17S3$7,688.03

Bitcoin is seen moving towards the immediate resistance level, and it holds the possibility that BTC price would breach the same. The escalation is indicating that the day would end at a positive note. The coin is recommended for long-term investors as it would bring massive profits to them.

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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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