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Price Analysis

Bitcoin Price Analysis: BTC Price Uplifts the Crypto Market with Its Bullish Price Actions

  • Bitcoin sees downward price action near $12820.29
  • BTC price rebounds above $12500 with a steady pace
  • Bitcoin is still above $12k, though faces a few downward corrections

Bitcoin is experiencing a Bull Run since yesterday, where it traded above $12000 breaking major resistance levels near $11400. The coin since then has maintained its price range above $12000 despite a few downward corrections. 

Today, the coin had its opening price above $12200 and with a bullish impact, later the coin settled its price range above $12500 in just few hours.

BTC Current Statistics: 

BTC is currently trading at $12650.00 at 10:01:57 UTC, while having a Market capitalization of $224,585,875,997. The leading cryptocurrency holds 17,808,025 BTC as part of its Circulating Supply. Bitcoin currently fetches RoI (Return on Investment)of > 9000%.

Bitcoin Price Chart

Bitcoin Price Chart
Bitcoin Price Chart

As shown in its 4-hour chart, BTC initially surged to $12820.29 from its price at $12685.46. Then it gradually moved downward near $12424.81 breaking support above $12600. It then corrected upwards and since then it has maintained its price range above $12500.

The recent surge in BTC price has caused it to trade in the BUY phase as its current price is 11.35% higher than its 12 days SMA of $11360.38, which proves its bullish momentum. 

Technical Indicators:

The MACD chart just had a negative crossover with moderate volatility when the prices fell from $12820.29 to $12424.81. RSI for BTC is near 50 indicating stability in its price trend. The coin may see major resistance at $12,960.85 and $13,575.86 while having key support levels at $11,670.94 and $ 11,055.93.

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Ruti Vora

Ruti has recently joined CryptonewsZ as a writer and has been writing on other cryptocurrency sites as well. Having a background of tech field makes her versatile with a keen interest in literature. You will find her surrounded by books and music when she is not on work. You can also contact her on Linkedin or Facebook.
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