Price Analysis

Bitcoin Price Analysis: Bitcoin Trades Above $12,000; This Time to Leave a Lasting Effect

It was just yesterday, when we were predicting Bitcoin to cross $12,000 and trade persistently soon. And there it is today, trading beyond $12,000, creating a real-time Bull Run for its investors and traders to remain intact. Time and again, Bitcoin has been proving its worth to the world and has become the most favored investment avenue of the recent times. This time the coin will gain momentum to go beyond $13,000 for a continual trade. The current market statistics back its up-trending performance.

BTC Price Chart:

Bitcoin Price Chart- July 8

Bitcoin Current Market Statistics:

  • The current trading price of BTC is noted at $12,690.33 at 5:57 UTC as on 9th July
  • The market cap of the coin is $224,731,532,749
  • 24h volume of the coin being $26,123,478,540 with a circulating supply of 17,807,562 BTC
  • The coin currently fetches >9000% Return on Investment which was even below 8500% yesterday.

BTC to USD Price Comparison:

As observant from the above 1-day chart, it is shown that the coin price has been climbing stairs since yesterday. It was just then when this mounting took it to trade beyond $12,000, its major resistance price. Yesterday around 8:48 UTC the coin was trading around $11,395.85, and just then it climbed to trade around $11,928.89 exhibiting a growth of 4.67%. For the next step, the coin moved stably and around 19:34 UTC it scaled by 3.57% from $11,895.83 to $12,321.43 around 20:00 UTC yesterday. And for the final leap that took the coin beyond $12,500, it grew by 3.68% trading at $12,775.96 today i.e. 9th July around 3:18 UTC. The current trading price of the coin is just 0.67% less than the latter mark.

Technical Indicator:

The 6-day SMA and the 20-day SMA move together, only unlike the point of price spikes i.e. $11,928.89, $12,321.43 and $12,775.96, where 6-day SMA crosses above the 20-day SMA.

The 20-day SMA being $11,315.45 and 6-day SMA being $11,742.10. Hence, the current price is 8% more than the 6-day SMA.

As per the Fibo Retracement $12,900 and $12,300 is the major resistance and support level respectively.

The MACD of the coin shows a bullish crossover as the MACD line surpasses the signal line at the price spikes.

BTC Price Prediction and Conclusion:

Looking at the above statistics it is visible that this price bounce is the sustained one and is expected to even go beyond $13,000 to trade continually in the range. The 2019 target remains unchanged around $15,000 to $20,000. The coin has been consistently startling its lovers and followers and will continue to do so.

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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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