Price Analysis

Bitcoin Price Breaks the Freeze Zone Around $8,300 and Drops to $8,100

  • BTC price books loss with its intraday movement
  • The price breaks the freeze zone at $8,300

Bitcoin (BTC) was seen trading around $8,300 since a long time now. Last week, the price slipped to $7,900, but soon recovered and kept itself tight around the above-mentioned level. The current market scenario is indicating a bearish trend.

The intraday price movement in BTC is bearish and the same seems to continue towards the end of the day as well.

BTC to USD Price Analysis:

Bitcoin started trading at $9,657 on September 01, 2019 when the price immediately jumped to $10,933 from $9,657 by 13.20%. Unable to stay put, the price immediately fell to $9,814 by 10.24%.

Later, the price booked a slight escalation of 6.86% and touched $10,487 just to drop again to $7,796 by 25.65%, giving a new 90-day low. The price closed the month with regression of 11.58%.

In October, the price shifted to $7,793 from $8,539. The escalation recovered in price that brought it up to $8,815 by 13.12%. The current Bitcoin price is $8,157.

BTC Chart
Bitcoin Price Chart by TradingView

BTC is moving towards the immediate support level. There will arise a possibility that the price might break the next level soon if it continues to fall. Here is the resistance and support level table for the reference.

Resistance Level Price
R1$8,349.82
R2$8,494.26
R3$8,577.82
Support LevelPrice
S1$8,121.82
S2$8,038.26
S3$7,893.82

The currency is recommended for long-term traders as the short-term investment might not bring the desired result.

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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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