Price Analysis

Bitcoin Loses Big in One Day; Falls to $9600

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  • Bitcoin loses 2.68% to reach 9600 USD overnight.
  • The next support for BTC may come at 9496 USD.

Bitcoin (BTC) has taken a drastic move over the last 24 hours and with an overall fall of 2.68%, it is now down to 9681 USD. It has shown five huge price swings in this period with a range of 10,046 USD and 9602 USD.

Bitcoin Price Analysis-

The first variation of Bitcoin happened between 00:15 UTC and 06:31 UTC and this swing cost BTC 1.72% or 173 USD and placed it at 9,872 USD. After the next few hours of volatility, it again fell by 2.52% to touch 9,704 USD. However, over the next 37 minutes, it grew by a decent figure and with a gain of 239 USD; it went as high as 9,944.83 USD.

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The fourth variation happened between 15:01 UTC and 00:15 UTC and it took 342 USD way from the value and pushed it to 9,602 USD by 00:15 UTC. This fall had a break at 9,794 USD. The last variation for BTC came as strength and it happened in 2 hours and 46 minutes from 00:15 UTC which added 110.64 USD to place the value at 9,713 USD.

Bitcoin Price Chart
BTC Chart by TradingView

Bitcoin’s last day’s fall was not unexpected, the price trend of the last few days has been hinting at this.

As of now, BTC’s current trend is way below both 20 days and 50 days average; and is likely to fall further. In the short-term, it is not indicating towards any attempts of recovery.

Support & Resistance Levels-

R1- $9,959.99, R2- $10,190.66, R3- $10,307.09

S1- $9,612.89, S2- $9,496.46, S3- $9,265.79

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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