Price Analysis

Bitcoin Price Analysis: BTC Strengthens Up After a Plunge, May Cross $10,800 Again

  • Bitcoin has been correcting down from $10,916.05 since today morning, stopped dropping at $10,587.38
  • BTC price has recently started a price recovery from $10,587.38
  • Bitcoin has reached well above $10,600, also touched $10,701
  • A steady surge above $10,800 can invite further bullishness for BTC

The bullish spree that Bitcoin has been carrying since the last couple of days saw a mild break today as the coin is correcting down since this morning against U.S.Dollar. The coin has recently started to move upwards and may touch $10,800 if the bull-run remains intact.

Bitcoin was above $10,700 at 06:00 UTC today and it had a steady surge to $10,829.91 except for a miner initial dip. Post $10,829.91, the coin could not clear the resistance and it started a downward journey. BTC’s price drop stopped at $10587.38 where it noted a decrease of 2.24%. Bitcoin has found decent support there and is correcting up from there.

Bitcoin is at $10,688.46 at 10:00:27 UTC as it is still yet to come up with the full recovery.

BTC/USD Price Chart

Bitcoin Price Chart
Bitcoin Price Chart

The recent price fall of BTC has pulled the coin below its 50-day SMA of $10787.25, though is above its 5-day SMA of $10494.26. The short term SMA line (5-day) has just climbed above its long term SMA (50-day), which indicates its bullish nature at the moment.

Bitcoin is currently trading under buy phase and currently is in a hassle to sustain the bullish vibe it is having. It is to be seen whether the coin strikes a further and steady price surge.

Bitcoin Price Prediction & Technical Indicators:                

MACD chart for BTC/USD appears bullish as its MACD line is above the signal line. Also, the RSI indicator is above 50 showing no extremities. Apparently, the overall technical picture for Bitcoin is positive. The coin may face resistance at $10,715.1 and $11,117 and support at $10,514.15 and $10,112.25.

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Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on world's leading digital currencies. She holds graduate degree in journalism.
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