Price Analysis

Bitcoin Price Analysis: Bitcoin (BTC) Performs a Quick Recovery by Rising Above $10,000

  • Bitcoin recovers quickly from yesterday’s bloodbath; it is hovering around 10,300 USD.
  • BTC’s last month’s performance hints at a price rally at the earliest.

After Yesterday’s quick fall below 10,000 USD, Bitcoin has been able to recover towards the closing of the day. Over the last 30 days, it has gone through four phases of price changes. The range of the value against USD is between 9100 USD and 12,200 USD. We should first look at the current details of the coin before analyzing the price movement trend of the coin for the month.

BTC Price Statistics-

Bitcoin (BTC)16th August 02:52 UTC
Rank1st
ROI (Return on Investment)7,573.59%
Coin Circulation17,879,075 BTC
Market Cap185,719,533,907 USD
Value in USD10,350.01 USD
All-Time High20,089 USD
24h Volume22,498,988,085 USD

BTC to USD Price Comparison-

Bitcoin Price Prediction
Bitcoin Price Chart by TradingView

Between 20th July and 28th July, BTC faced its first blow at 16.55% which pushed the coin from 11,013 USD to 9190 USD. However, the coin surprised the market with an enormous growth rate of 32.93% between 28th June and 06th August.  This hike is the reason the coin could touch its highest point of the day at 12,233 USD by 06th August.  It was followed by two phases of deduction in the value of each coin against USD.  The first one happened over 4 days from 06th August it deducted 868 USD, and the later one came on 11th August, and by 15th August, it has already served a cut of 1983 USD. The market cap of BTC on 16th July was 195,623,929,233 USD, and the value of each coin stood at 10,950.18 USD. The current market cap and the value of each coin are respectively 5.06% and 5.48% less than the data for last month.

BTC Price Prediction-

Bitcoin, as the king of the market, has shown its strength by a quick recovery. The coin is yet to make a long journey for placing itself in a reasonable place. All the details of the resistance and support levels are listed below.

Bitcoin (BTC)
1st Resistance10607.53333 USD
2nd Resistance10903.51667 USD
3rd Resistance11369.62333 USD
1st Support Level9845.443333 USD
2nd Support Level9379.336667 USD
3rd Support Level9083.353333 USD

 

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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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