fbpx
Price Analysis

Bitcoin Price Gets a Hike; Soars to $8500

  • Bitcoin gains 4.45% after a day of struggle
  • The next resistance may come at 8759 USD

Bitcoin (BTC) seems to have resumed its recovery after a day of sluggish movement. Over the last 24 hours, it rose by 4.45%, and the value against USD has now gone as high as 8,500. All three major price shifts in this period came after 12:00 UTC yesterday.

Bitcoin Price Analysis

Bitcoin opened the day trading around 8,180 USD, but the first price shifts started at 12:26 UTC with its strengthening. Over the next 3 hours, it reached 8,709 USD with a 6.60% hike. It was followed by a fall of 2.02% that pushed the value from 8,709 USD to 8,532 USD. The last swing started around the trading price of 8,638.12 USD and in the next 4 hours and 22 minutes, it fell by 0.96% to be placed at 8,555 USD.

However, the market cap of BTC is yet to take any major noticeable turn. The current market stands at 153.74 billion USD, whereas the market cap on October 09 stood around 154.57 billion USD.

Bitcoin Price Chart
BTC Chart By TradingView

BTC’s last days’ growth has been better, and the same is exhibited in its 20-day average. The line is maintaining a good distance from its 50-day MA. As of now, the current price trend is below both the lines. The next resistance for BTC may come at 8759 USD.

Bitcoin (BTC)Support & Resistance Levels
1st Resistance$8,759.2
2nd Resistance$8,922.66
3rd Resistance$9,217.61
1st Support Level$8,300.79
2nd Support Level$8,005.84
3rd Support Level$7,842.38

Tags

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.

Related Articles

Back to top button
Close