BitcoinPrice Analysis

Bitcoin Price Slightly Rebounds From Yesterday’s Fall

Yesterday seemed to be a dull day for Bitcoin (BTC) and all the leading coins of the market. The whole crypto market seemed to sink in the bearish zone for the entire day. However, today, we see the condition getting better where BTC rises and trades around $9,900, along with almost all the rest of the altcoins. Although, every change in the crypto market is subject to volatility, but nothing is going to restrain crypto and Bitcoin lovers to step back from the affection they hold about the same. In the times of the bearish crossover, potential investors just try to splurge their share in the investment portfolio.

The current market scenario is a little better than yesterday’s pale trading.

BTC Chart:

Bitcoin Price Chart - 18 July
Bitcoin Chart by TradingView

Current Market Highlights:

Bitcoin is currently trading at $9,855.69 at 5:35 UTC as on 18th July.

The Market Cap of the coin is $175,552,699,394 and the 24h volume is $23,849,244,322.

The current Circulating Supply of the coin is 17,823,775 BTC.

Bitcoin currently fetches 7,190.82% Return on Investment.

BTC to USD Price Prediction:

When observing the intraday movement of the coin, it is well evident that the coin slid below $10,000 and opened at $9,471.21 yesterday. It even traded as low as $9,076.35 but wrapped the day on a comparatively better note at $9,693.80. While recovering, the coin went as high as $9,977.78, showing a growth of 9.93%. The current trading price is 1.22% less and 8.58% more than the respective highest and the lowest BTC price in the said time frame. Also, the coin is currently trading with stability around $9700 to $9900.

Technical Indicators:

The 5-day EMA crosses over 30-day SMA. The current trading price is 10.9% and 2.53% less than the 30-day SMA ($11,069.43) and 5-day EMA ($10,111.91) respectively.

The reason behind 5-day EMA crossing the 30-day SMA is because the current change in the price has a greater effect than the accumulated effect of the past 30 days.

The RSI of the coin remains between the range without manifesting any of the extremities.

The MACD of the coin towards the end has a bearish crossover, as the signal line crosses the MACD line. Also, the same keep tumbling in the negative region when the price shows sinks.

The immediate resistance and support for the current trading price of the coin lie around $10,000 and $9,500, respectively.

Bitcoin Price Prediction and Conclusion:

Bitcoin is the asset for long-term investment and is bound to give huge dividends in the greater time frame. Therefore, the coin is expected to trade around $15,000 and $20,000 by the end of the year.

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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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