Price Analysis

Bitcoin Faces a Roadblock; Falls below $8,800 in One Day

  • Bitcoin price against USD has slipped to 8770 USD in one day
  • The medium-term outlook of Bitcoin seems moderately bullish as we do not foresee any major signs of quick recovery anytime soon

Following the trend of all its major peers, the king of the market, Bitcoin has also been tapered off over the past 24 hours. It currently trades around 8770 USD after a 1.66% compression in the last 24 hours and may continue to struggle in the coming days.

Bitcoin Price Analysis

Bitcoin was trading at 8919.21 USD at the opening of the day, and over the next 8 hours and 3 minutes, it got down by 2.03% and fell to 8737.80 USD. It was followed by a 2% price hike that added 175 USD in the value by 12:03 UTC. However, BTC price couldn’t hold its value at this high for long, and it soon got discounted by 2.90% and fell to 8654 USD by 16:34 UTC. Later, things became rosy for investors. Towards the closing of the day, it could be pumped up by 1.46% more and reached 8781 USD by 00:45 UTC, today.

BTC market cap has been abated to 160.329 billion USD from 160.383 billion USD over the last day.

Bitcoin News
BTC/USD Chart By TradingView

Bitcoin’s current value is at 8770.76 USD, and it is almost 0.20% more than the 50 days MA (8748.73 USD) and 20 days MA (8757.61 USD). Its MACD line has also managed a decent lead over its signal line, showing a slight bullish divergence. The next few days may see the continuation of the struggle. However, in the medium-term, it is likely to reach the next resistance point at 8,891.26 USD.

Bitcoin (BTC)Support & Resistance Levels-
1st Resistance$8891.26
2nd Resistance$8994.73
3rd Resistance$9087.87
1st Support Level$8694.65
2nd Support Level$8601.51
3rd Support Level$8498.04
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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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