Price Analysis

Bitcoin Price (BTC) Shows Slow Signs of Recovery; May Take A Sizeable Leap Soon

  • BTC takes a step towards coming out of the oscillation range.
  • Price of Bitcoin crossed $9800 after 5 days of real sluggishness.
  • BTC may take the required bounce to have a bullish crossover once again.
  • Bitcoin price today now gets support from the short-term moving averages.

After having a rough week, Bitcoin price now shows leisure signs of recovery as it trades above $9700. Well, it would be too early to claim this as a recovery mode until BTC price sustains and breaks through $10,000 again. The past 24-hour trend shows that the green candles have had an effective spike in taking the price of the coin above $9800. Although, Bitcoin could not hold and took a gentle slide around $9700.

BTC to USD Price Chart by TradingView:

The below Bitcoin price chart is data feed from Coinbase as on 2nd September at 05:16 UTC.

Bitcoin (BTC) Price
BTC Price Chart by TradingView

Tracing the 15-minutes movement of Bitcoin in the past 24 hours, we see that the price has taken a notable jump. Yesterday, the coin was trading around $9618.54 in the initial hours of the day and a 2.30% gain took it to $9839.99. Currently, it trades at $9790.01 getting the required support from the short-term SMAs and EMAs.

With this there is a considerable amount of gain in a few altcoins as well giving the required traction to the market to dig out of the pit. However, Bitcoin is still trading under the selling pressure which will be relieved, once the coin consolidates even further.

Well, this is a sign of relief for the investors after having a brutal week of trading.

Technical Indicators:

BTC has passed by from the solid selling pressure but the traces of the same still remains.

The 10-day SMA ($9873.22) and the 10-day EMA ($9872.61) are now near to having a camaraderie for the current trading price. The major support remains around $9500 while the major resistance is $10,000. However, the short-term moving averages are going to be worth once the coin trades beyond $9800 consistently. But the current trading price is still at 3.35% distance from the long-term moving average i.e. the 100-day SMA.

The MACD of the coin is above the flattish trend and the negative horizon but with a bearish crossover as the signal line crosses the MACD line.

RSI remains around 60 with no extremities on either sides, at the time of penning down.

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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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