Price Analysis

Bitcoin Price Analysis: Bitcoin Expected to Trade Above $12,000; Rather Tumbles Below $11,500

Bitcoin is becoming the one of the most go-to investment avenues in the recent times of digitalization. Bitcoin has always left its investors shockingly surprised by plunging as low as $65.53 and surging as high as $20,000 in a decade since its inception. Bitcoin and crypto lovers have never had enough of this mighty investment.

But what makes it to slide even below $11,500, rather than rising and persistently trading above $12,000? Let us have a glance at the current trading statistics of the same.

BTC Chart:

Bitcoin Price Chart- 08 July

Current Market Statistics:

  • The current trading price of Bitcoin is $11,481.49 at 5:22 UTC as on 08th
  • The current market cap of the coin is 204,093,592,652 USD.
  • Holds 19,233,188,554 USD as the 24h volume and 17,805,450 BTC as the current Circulating Supply.
  • It currently fetches 8,365.12% Return on Investment (ROI).

BTC to USD price comparison:

As indicated in the above 24-hour chart, it is well evident that the coin has been manifesting a mix of highs and lows. Yesterday the coin started with a trading price of $11,097.84 and around 12:24 UTC it surged at $11,453.53 showing a growth of 3.20%. Around 16:35 UTC it again nosedived to $11,147.89 showing a plunge of 2.66% in just 4 hours. Later, at 20:00 UTC the coin gained the momentum and traded as high as $11,617.98. The current trading price is 1.17% low than the highest of yesterday and the coin has been stably moving since today until now, without showing major dips and peeps.

The RSI indicator is manifested above 40, showing no extremities as to the security being overbought or oversold.

BTC Price Prediction and Conclusion:

As compared above, BTC price trend have been the most volatile one. It is important for the intraday traders to have a real time trade in order to gain profits out of their investments. For the long-term investors the coin is expected to trade between $15,000 to $20,000, by the end of the year.

However, if the coin further fell from the current trading price it may face support at $11,110 and if it surges above, the resistance level would be around $11,600.

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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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