Price Analysis

Bitcoin Price Analysis: Has Bitcoin Started Moving Towards a Price Rally?

  • Bitcoin (BTC) is currently on a growing path marching towards 15,000 USD.
  • The next resistance may be faced at 12,174 USD.

Bitcoin (BTC), as the pioneer coin of the market, has gone through many ups and downs in the last 1 month. With four significant price swings, it has been traded all the way from 13,000 USD to 9100 USD in this short span. However, amidst this high volatility, the coin seems to have a lot to deliver. As per our prediction, the coin may place itself near 15,000 USD by the end of this year. Let us look at the current details of the coin now.

BTC Price Statistics-

Bitcoin (BTC)8th August 01:37 UTC
Rank1st
ROI (Return on Investment)8,675.89%
Coin Circulation17,864,000 BTC
Market Cap212,528,154,756 USD
Value in USD11,849.76 USD
All-Time High20,089 USD
24h Volume22,005,597,792 USD

BTC to USD Price Comparison-

Bitcoin price chart August 8
Bitcoin Price Chart by TradingView

Bitcoin was at its peak of the month on 08th July. However, a fall of 29.55% took the coin all the way from 13,055 USD to 9197 USD in less than a week. The value of 17th July at 9297 USD makes the lowest point of the coin. It was followed by a small hike of 19.67% and this helped the coin to add 1807 USD to its value. From 20th July, the coin started showing signs of weaknesses. It got devalued by 16.38% by 28th July and faced a cut of 1799 USD. However, since 28th July, the situation seems to be revolving in favor of Bitcoin. In the next 8 days from 28th, the coin has been able to grow by 33.18% and it successfully could take the value to 12,217 USD by 06th August. The market cap on 08th July was 204,401,171,449 USD and the value of each coin was 12,319 USD. The current market cap and value are respectively 3.97% more and 3.80% less than the last month’s figures.

Bitcoin Price Prediction-

Bitcoin has been eyeing at bringing about a huge change into its price movement. The coin may place itself at 15,000 USD by the end of 2019.

Bitcoin (BTC)
1st Resistance12174.74 USD
2nd Resistance12407.51 USD
3rd Resistance12778.03 USD
1st Support Level11571.45 USD
2nd Support Level11200.93 USD
3rd Support Level10968.16 USD

Conclusion-

Bitcoin’s current trend can be seen in a positive light and the coin has huge potential to perform exceptionally before the next year sets in.

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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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