Bitcoin Price Analysis: Bitcoin (BTC) Starts Losing Big; Volatility May Become the Norm

  • Bitcoin falls significantly over the last 24 hours.
  • The next support level of BTC stands at 10,046 USD.

Bitcoin (BTC) has started losing its overhyped value and now started its journey for price correction phase. Over the last 24 hours, the coin has been losing value drastically and shown five huge falls that have dragged the coin to 10,200 USD price level. Between 03:48 UTC and 07:29 UTC, the coin lost a whopping 3.35% of its value. And again a fall of 5.27% was noticed between 09:46 UTC and 12:46 UTC. It was again followed by a huge fall of 6.07% over 1 hour and 18 minutes. However, a short term hike can be seen between yesterday’s 19:52 UTC and 00:13 UTC of today. This hike was of 6.83%. But this hike was of short-term, and again the coin faced a dip of 4.53% over the next 1 hour and 38 minutes. You can check out Bitcoin forecast for next 5 years at our forecast page. But before that let us look at the current details of the coin.

Bitcoin (BTC) Price Statistics:

Bitcoin (BTC) 02nd July 03:25 UTC
Rank 1st
ROI (Return on Investment) 7,497.48%
Coin Circulation 17,792,437 BTC
Market Cap 183,103,852,145 USD
Value in USD 10,300.37 USD
All-Time High 20,089 USD
24h Volume 27,875,711,065 USD

BTC to USD Price Comparison:

Bitcoin Price Chart - 02 July

Bitcoin Price Analysis: Bitcoin (BTC) Starts Losing Big; Volatility May Become the Norm

Bitcoin started its journey of growth from 29th April with a 58.54% growth over 16 days. This was complemented by another small hike of 14.72% between 22nd May and 26th May. However, from 2nd June to 09th June, the coin faced a setback of 12.05%. But the highest growth was made after this phase. Between 9th June and 26th June, The coin gained 69.62%. This is the zenith point of BTC. But this whole growth cycle started to be inverted from there. From 26th June to the current UTC, the coin has lost almost 19.87%. The market cap of Bitcoin on 2nd June was 152,231,690,669 USD, and the value of each coin was 8719.45 USD. The current market cap and the value of each coin are 20.27% and 18.13% more than the figures for the last month.

Bitcoin Price Prediction:

BTC has a bullish medium-term outlook. As per our prediction, the coin is likely to be around 15,000 USD by the end of this year. The next resistance points are 11163 USD, 11743 USD, and 12280 USD. The support levels are 10046 USD, 9509 USD, and 8929 USD.

Bitcoin Price Analysis: Bitcoin (BTC) Starts Losing Big; Volatility May Become the Norm

Conclusion:

Bitcoin is on a slope now and likely to lose more value. New investors need to wait for the perfect time to buy.

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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