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Price Analysis

Bitcoin Price Analysis: Bitcoin’s (BTC) Wavering Nature Making Investors Skeptic About Their Returns

Bitcoin, the forerunner of the crypto market and the most credible and famed cryptocurrency amongst all the crypto assets touched newer heights in the previous month. Crucial to note that Bitcoin touches its 15 months high and gave the new 52-week high price on 26th June 2019, just when the value escalated to trade as high as $13,800.

But Bitcoin could not persistently trade in that zone and fell to trade near its major support level of $10,000 and below. When one day, the investors can draw bountiful returns, the other day, the investors may just gawk and wait for the exemplary moment to return.

This flickering nature may make investors doubt their investments. However, the cryptocurrency and Bitcoin lovers are never going to get enough of praising these avenues as they have markedly seen Bitcoin rising as high as $20,000.

Bitcoin Chart:

Bitcoin Price Chart - 5 July
Bitcoin Price Chart

BTC Current Market Statistics:

  • BTC is currently trading at USD 10834.99 at 7:00 UTC as on 5th July.
  • The current Market Cap of the coin is $196,072,869,563
  • The 24h volume of the coin is $24,548,406,535
  • Bitcoin currently fetches $7967.77% Return on Investment
  • Currently has a Circulating Supply of 17,799,187 BTC

BTC to USD Price Comparison:

As per the above 5-day chart from Coinbase, it is well evident that there has been a mounting fall from 30th June to 2nd July from USD 12109.80 to $9799.01 marking a fall of 19.08%. However, on the next day, the price bounced back and the coin traded as high as $11,975. There has been a 22.2% rise from the latter price mark. The coin currently is trading at $10,834.99, which shows a decline of 3.3% from the previous day’s closing price of $11,215.44. The first resistance level and support level of the coin is to be $11,758.82 and $10,919.31 respectively.

Bitcoin Price Prediction and Conclusion:

Bitcoin has been trading in the same range as it is presented from quite some time now. The coin as an investment asset has enough potential to drive the portfolios of the investors from doom to gloom. The medium-term outlook of the coin is bullish and may trade around $15,000 to $20,000 by the end of the year.

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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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