Price Analysis

Bitcoin Price Analysis: After Reaching The 52-week High Price; What Made BTC Fall?

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The price of Bitcoin (BTC) touched a high of USD 9,008.31 on 30th May 2019. It was the highest price of Bitcoin (BTC) noted in 52 weeks. Presently, Bitcoin is trading at USD 8257. The price chart is reflecting the probability of a bearish trend in the coming days. Today, the total market capitalization stands at $146,427,932,952 USD. Further on a bearish note, Bitcoin is showing bullish movement in the weekly chart, but if we see the 24hr chart or the last 4 hr chart, then the movement is again bearish.

Let’s have a look at the Bitcoin (BTC) chart of the last 24 hr.

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Bitcoin price chart taken from Trading View, at 06:05:42 UTC:

Bitcoin Price Chart

BTC Price Statistics:

  • Bitcoin (BTC) stands at a price of (USD) 8,228.
  • The market cap is noted as 146,427,932,952 USD.
  • The ROI of Bitcoin (BTC) is 6,003.03%.
  • The circulating supply is 17,732,925 BTC.
  • In last 24 hr, BTC volume is marked as 28,536,868,357 USD.

Bitcoin Value Comparison:

The crypto market is upset today due to the down surge of Bitcoin. After touching $9,000, the price reflected a steep downfall. The chart above is showing that after touching a 52-week high price, today the market opened around $8,200. The regression in price is noted as 9%. The coin is trying to maintain the momentum in the market.

Bitcoin Price Prediction and Conclusion:

Bitcoin (BTC) has been influencing the market because of its bullish trend in the past few weeks. The investors were expecting the coin to cross $10,000, but after climbing $9,000, the coin came under selling pressure. The currency couldn’t recover, and hence, the price is struggling between $8,000 and $8,500.

Although yesterday’s flash surge and then drop do indicate trouble, BTC can still have fuel to run the bull. If the price touches $9,000 again in the coming weeks, then we can expect that the bullish trend is waiting for Bitcoin, but if it couldn’t, then the news is good for the investors.

We would recommend the investors to hold tight at the moment. For long term investors, the currency has never disappointed; hence, they can expect a huge dividend.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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