Price Analysis

Bitcoin (BTC) Marks 4% Drop Since the Last Week

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Bitcoin registers mixed intraday movement. The price is seen hovering around $7,900. If we look at the 7-day BTC chart, the week began at $8,300, and today, the price is standing at a loss of 4%. The currency seems badly affected by the heavy fluctuation in the market. Yesterday, the BTC price was seen touching a high at $8,082.63 and a low at $7,944.78.

Bitcoin Price Analysis

BTC price started dealing at $8,319 on October 13. The day closed at $8,284.2 with a 1.04% regression. The next day, the price moved up to $8,389 by 1.43%. On October 15, Bitcoin price dropped to $8,186 by 2.33% drop. On the next day, the price slipped to $8,016 by 2.14%. There was a recovery spotted on October 17. The price counters moved to $8,090.7 by 1.23%. On next day, BTC price fell to $7,978 by 1.19%. Yesterday, the coin was trading around $7,984. Today, the Bitcoin price movement is similar to yesterday.

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Bitcoin Price Chart by TradingView

The price of Bitcoin is tilted towards the immediate support level. The level seems achievable as of now. Conversely, the fluctuation may turn around and trade above $8,000. BTC has booked quite a volatile movement till now. As per the current trend, to avoid loss, short-term traders should consider the following support and resistance levels:

Resistance Level Price Support Level Price
R1 $8,065 S1 $7,927
R2 $8,142 S2 $7,866
R3 $8,203 S3 $7,789

Bitcoin is the highest result-yielding coin. Most of the traders are looking forward to a recovery in the BTC price. The current quarter is anticipated close at a remarkable note. We would recommend the traders to pick long-term investment for booking considerable profits in the future.

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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