Price Analysis

Bitcoin Fails to Grow, Still Struggling below $8,300

  • Bitcoin shows no signs of growth, value is below 8,300 USD
  • The next resistance of BTC may fall at 8,483 USD

In the last 24 hours, Bitcoin (BTC) could not make any major impact; the value is still lagging behind the 8300 USD price level. It has been through four major price variations and the range has been between 8,515 USD and 8,210 USD.

Bitcoin Price Analysis:

Bitcoin’s first major price swing happened between 01:05 UTC and 03:18 UTC and this swing added 299.75 USD and placed it at 8,509 USD. It was followed by a fall of 2.32% and it lost 197 USD in this process. This fall forced the value to 8,312 USD by 13:07 UTC.

The third swing started at 13:07 UTC and over the next 4 hours, it went as high as 8,515 USD with the help of a 2.44% growth. The last variation came between 17:07 UTC and 23:39 UTC, this variation gave the coin a downtrend of 2.55%. This fall forced the value of BTC to USD to be confined below 8,300 USD.

BTC Price Chart
Bitcoin Price Chart by TradingView

BTC price is below its 50 days and 20 days average and no sign of early recovery seems now. However, a bullish medium-term can be expected from BTC; it is likely to face the next resistance at 8,483 USD.

Support & Resistance Levels:

Bitcoin (BTC)
1st Resistance$8,483.086667
2nd Resistance$8,622.893333
3rd Resistance$8,748.096667
1st Support$8,218.076667
2nd Support$8,092.873333
3rd Support$7,953.066667
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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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