Price Analysis

Bitcoin Price Analysis: Should We Look at the Support Level after BTC’s 3.5% Fall?

  • Bitcoin shows four major price swings in the last 24 hours
  • The target for 2019 should remain unchanged at 15,000 USD

Bitcoin seems to be taking more than normal time to bounce back. Last few days have been tough for Bitcoin, and it has been the same for the last 24 hours as well. The coin has seen an overall downfall of almost 3.5%. BTC has shown four major price swings in this period. The medium-term outlook is bullish for Bitcoin, and the target for 2019 should be unchanged at 15,000 USD.

Current Statistics of Bitcoin-

Bitcoin (BTC)23rd July 01:47 UTC
Rank1st
ROI (Return on Investment)7,486.52%
Coin Circulation17,832,612 BTC
Market Cap184,053,452,255 USD
Value in USD10,234.81 USD
All-Time High20,089 USD

BTC to USD Price Comparison-

btc price chart - 23 July 2019
Bitcoin Pirce Chart By TradingView

Bitcoin faced its first fall between 00:14 UTC and 10:03 UTC. This fall of 2.34% cost the coin almost 250 USD. It was followed by another steep fall of 4.06%. It happened between 11:47 UTC and 14:52 UTC. This fall cost the coin 430 USD. The third variation was a slight fall happened between 17:19 UTC and 19:45 UTC. This fall of 3.17% cost the coin 329 USD. It was followed by a small hike of 3.09% over the next 1 hour and 43 minutes from 19:45 UTC. The last hike added 311 USD to the value of each Bitcoin. These are the four major price swings of Bitcoin, and all of them lie in the range of 2% and 4%.

Bitcoin Price Prediction-

Bitcoin has a bullish medium-term outlook. By the end of 2019, the coin is likely to be around 15,000 USD. The next resistance points are 10611.62 USD, 10880.14 USD, and 11108.49 USD. The support levels are 10114.75 USD, 9886.40 USD, and 9617.88 USD.

Conclusion-

Bitcoin is going through a tough phase right now. Investors should now aim for the next resistance point at 10,611 USD. Complete recovery is likely to take more time.

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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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