Price Analysis

Bitcoin Price Analysis: Bitcoin (BTC) Ends the Month Miles Away from the Highest Point

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  • Bitcoin ends the month with no big achievement and anticipation of a rally for August.
  • The bullish medium-term is still backing for the target of 15,000 USD.

After days of playing hide and seek, Bitcoin has finally gained 2.32% over the last 24 hours. With four huge price swings, the coin is still far behind its highest point of the month. However, its decent fundamentals hint at an upcoming price rally, and this may bring the coin towards 15,000 USD by the end of this year. To analyze the price movement of Bitcoin, let us first look at the current details.

BTC Price Statistics-

Bitcoin Price Prediction
Bitcoin Price Chart by TradingView
Bitcoin (BTC) 31st July 04:03 UTC
Rank 1st
ROI (Return on Investment) 6,891.56%
Coin Circulation 17,848,175 BTC
Market Cap 172,734,684,186 USD
Value in USD 9537.09 USD
All-Time High 20,089 USD
24-Hour Volume 13,872,241,456 USD

BTC to USD Price Comparison-

Bitcoin started the month of July with a price figure around 10,000 USD. By 02nd July, the coin was at 9784 USD, and it got traded to 13,078 USD within the next 7 days. This 33.67% increment is the highest Bitcoin got in the last month. However, this hike was not sustained for a long time. Soon, it was pushed down by 3881 USD over the next 6 days and 22 hours.  There was a short yet important bullish run by the coin between 17th July and 20th July. This run gathered 1815 USD for the coin. The final bearish movement is the talk of the town now. It has already cut down 1823 USD by 28th of July. The market cap of 30th June was 213,885,261,673 USD, and it was being traded at 11,372 USD on the same date. The current market cap of Bitcoin and its value against USD are respectively 19.23% and 16.13% less than the figures for the last month.

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BTC Price Prediction-

Bitcoin is finally seen moving towards the most anticipated and most desired line. The coin is expected to reach 15,000 USD price point by the end of this year. Here are the details of the resistance and support levels of Bitcoin.

Bitcoin (BTC)
1st Resistance 9727.006667 USD
2nd Resistance 9846.593333 USD
3rd Resistance 9991.426667 USD
1st Support Level 9462.586667 USD
2nd Support Level 9317.753333 USD
3rd Support Level 9198.166667 USD

Conclusion-

Bitcoin has shown a light hope with last day’s price strengthening against USD. This may not last for a longer period. But holding coins until the end of 2019 is likely to be a good deal.

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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