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Price Analysis

Bitcoin Price Continues the Downtrend; Deals Around $8,000

  • Bitcoin’s price remains stable at $8,000
  • The intraday loss is expected to turn into profit

The market started the day with the bearish trend; the fall in the market was quite heavy. There was no expectation of improvement. However, the day moved ahead and the price started recovering. Many coins, which began the day with a fall, were now trading in profit, including Ripple. The improvement anchored Bitcoin too.

We are expecting that Bitcoin would end the day with a profitable digit. Tomorrow, BTC would continue the uptrend.

BTC to USD Price Comparison:

The chart is taken from Bitfinex on October 04, 2019, at 12:09:10 UTC for price analysis:

Bitcoin Price
Bitcoin Chart By TradingView

Yesterday, Bitcoin started dealing at $8,429 and experienced heavy loss for the rest of the day. The first drop took the coin to $8,310 by 1.42%. After then, the next drop took it to $8,127 by 2.12%. There was a slight recovery of 2.15%, which helped Bitcoin to reach $8,302. The intraday loss was 1.85% and Bitcoin closed the day at $8,261. Today, it began with a heavy fall; the price slipped from $8261 to $8089 by 2.08%. The currency is now moving up, and we are hopeful for a profitable closing.

Bitcoin is considered as the king of the market; the coin has always shown great potential. We had also seen days when Bitcoin acted like the anchor and brought BTC to the surface from a drowning situation. The future is considered to be flourishing. The traders can dig-in with a high prospect of profit.

The currency is likely to give the best result in the long run. Hence, we would recommend going for long-term investment.

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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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