- Bitcoin (BTC) moves towards the support level
Bitcoin price is seen dealing with the bears. The price movement in the currency is quite surprising as the month has experienced a heavy fall in BTC that took it to $7,800. The current price also indicates an intraday loss which is expected to stay.
The traders can expect downtrend for some days. In yesterday’s chart, Bitcoin was seen at a high of $8,415.24 and a low of $8,313.34.
BTC to USD Price Analysis:
The given chart is indicating a fall in the price of the Bitcoin. The price began trading at $10,006 on August 1, 2019, and escalated to $12,900 by 20.25%. There was an immediate fall that brought down to $9,569 by 22.41% and the month closed at $9,611 with a loss of 3.95%. In September, the BTC price slipped to $8,501 with a loss of 11.54%. The month began with an upsurge as the price moved from $9,611 to $10,882 by 13.21%. Towards the closing, the currency dropped from $10,380 to $7,808 by 24.78%. The ongoing month started with a fall. The price escalated to $8,800 from $7,861 by 11.98%.
Bitcoin price has been moving distinctively lately. The last few months have recorded a fall in the price which has badly affected the momentum of BTC. There was slight improvement registered in the coin, but the same seems ruined. However, after a while, Bitcoin has a high prospect of moving up. For now, the intraday traders can find support at $8,294. In case, the fall escalates, the BTC coin could find the next support at $8,253 and thereafter at $8,192.
There is also a slight possibility of upsurge. The coin could be seen touching the resistance level at $8,396, next at $8,456, and last at $8,498.
The best-suited investment for Bitcoin is a long-term investment.