Bitcoin Price Analysis: Bitcoin (BTC) Falls Back to $11,000, Is It the End of Glorious Price Rally?

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  • Bitcoin falls back to 11,000 USD after a few days of the price rally.
  • The target for 2019 remains unchanged between 15,000 USD to 20,000 USD.

Bitcoin has been showing huge volatility in the market since the time it started gaining value. After reaching 13,800 USD over a few days, the coin is in its price correction phase. In the last 24 hours, the coin has shown four major price variations. The first fall was noticed between 03:50 UTC and 07:56 UTC. The fall was of 4.46%. Then again, a fall of 7.87% was noticed between 09:31 UTC and 14:18 UTC. It was followed by a hike of 4.06% over 3 hours and 20 minutes. And again a steep fall of 6.08% happened over the next 6 hours and 28 minutes until 00:06 UTC of today. However, post the price correction, Bitcoin is likely to have a bullish run again. By the end of 2019, the coin may trade around 15,000 USD to 20,000 USD. Let us now look at the current details of the coin from BTC chart.

BTC Price Statistics-

Bitcoin Price Chart - 1 July
Bitcoin Price Chart
Bitcoin (BTC) 01st July 02:50 UTC
Rank 1st
ROI (Return on Investment) 8,061.40%
Coin Circulation 17,790,675 BTC
Market Cap 196,866,870,702 USD
Value in USD 11,000.00 USD
All-Time High 20,089 USD
24h Volume 28,641,581,088 USD

BTC to USD Price Comparison-

Bitcoin started its growth journey from the month of April. There was a huge growth of 29.11% noticed between 1st April and 10th April. Again, a steep hike of 60.48% was noticed between 25th April, and 15th May and this hike were of 60.48%. It was soon followed by a fall of 11.26% that happened over the next 3 days. Again, a steep hike happened between 06th June and 26th June and the coin gained over 68% in this period, and it was followed by a fall of 15% that happened over the next 4 days until 30th June.

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The market cap of Bitcoin on 1st June was 151,851,282,833 USD, and the value of each coin was 8563.78 USD. The current market cap and the value of each coin are respectively 29.64% and 28.44% more than the values of the last month.

Bitcoin Price Prediction-

The medium-term outlook of Bitcoin stays bullish, and by the end of this year, the coin is likely to be around 15,000 USD to 20,000 USD. The next resistance points are 11730.69 USD, 12644.22 USD, and 13110.06 USD. And the support levels are 10351.32 USD, 9885.48 USD, and 8971.95 USD.

Conclusion-

Bitcoin is not at its optimum efficiency. This has brought a perfect avenue for buying fresh coins. Holding until at least the end of 2019 may give huge returns.

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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