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Price Analysis

Bitcoin (BTC) Price Analysis: Is Bitcoin Price on a Set Back – To Get Bearish, Bullish or Maintain Stability

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Bitcoin price since a few days now is on a roll with the bang. Yesterday, Bitcoin price was much dangling in comparison to other days from where the considerable rise has been observed. In a single day, it was traded as high as $8300 and as low as $7500. Bitcoin never fails to surprise its lovers and investors. The question for those whale investors considering if it’s a virtuous time to have a long position in the investment of Bitcoin is whether it is sustainable and well-grounded and until when.

However, history is proof of Bitcoin prices, market boom, and fall. It is not likely that the same set of the framework will repeat, but nothing as of now can be said. When we look into the totality of the Bitcoin chart, it is showing an uphill motion, but when looking into the daily Bitcoin price chart, the Bitcoin value undergoes a lot of volatility which is an inherent trait of market.

The Bitcoin chart as per Trading View on the exchange of Coinbase is featured as below:

Bitcoin Chart

The two portions with red highlight exhibit the bulls on the board, with the bearish year 2018 in the life of Bitcoin. However, while down trending Bitcoin almost featured the similar price range around ten months back in July 2018, and now it is traded at a ten-month high price in the cryptomarket, which is a relief and a happy hour for Bitcoin investors and cryptocurrency lovers.

Bitcoin Stability creating a setback or strong support:

Bitcoin price chart and data by Trading view on the exchange of Coinbase as on 15th May at 6:25 UTC is as below:

Bitcoin chart

Bitcoin is currently traded at $8045.00 in the cryptomarket with a Market Capitalization of 142,108,199,733 USD. The 24h volume is 31,619,020,376 USD with a Circulating Supply of 17,701,450 BTC. The current Return on Investment is 5830.56%. Within 24 hours Bitcoin was traded at a high of $8351.67 with yesterday midday around the corner. With high noon approaching it suffered an undoing to $7631.18 which was 8.62% less than the top. Later, we observe a straight motion with not much to comment on the further moments of Bitcoin price.

Investors to maintain tranquil emotion, while Bitcoin rises falls or builds an altogether different facet by creating a strong support level at this stabilization.

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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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