Price Analysis

Bitcoin Price Struggles at $8,010 Amidst the Bearish Trend

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  • Bitcoin price marks loss with the intraday movement
  • The price seems to be paralyzed around $8,010

Bitcoin (BTC) is seen badly affected by recent volatility. The fluctuation has already created chaos and looks like BTC price is slipping down. The price of the coin was $8,299 on October 01, 2019. Since the past week, we have seen it dealing around $7,900. Before the previous week, it was moving around $8,300 which was a blow for the investors.

If we look at yesterday’s chart, the coin touched a high at $8,296.65and a low at $8,074.46. Let’s have a look at the chart.

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Bitcoin to USD Price Analysis:

Bitcoin started dealing at $8,230 when the price escalated to $8,332 marginally by 1.24%. The currency dropped in the second half to $8,033 marking a regression of 3.58%. The coin closed at the same level with an intraday loss of 2.40%.

Today, BTC to USD began the day trading at $8,077. The price started falling since the beginning of the day and touched $7,980. It kept moving around the same level for some and then jumped to $8,040.

Bitcoin Price Chart
BTC Chart by TradingView

BTC holds high potential as the currency has marked voluptuous growth in the past. The coin started the year at $3,300 and jumped to trade above $13,000. The fall in the last quarter brought the coin to $8,000.

Resistance Level Price
R1 $8,225
R2 $8,371
R3 $8,447
Support Level Price
S1 $8,002
S2 $7,927
S3 $7,780

BTC slipped to $7,980 which reflects that it was near the next support level. And now, It has recovered and hovering around the immediate support level. The current scenario might be disturbing, but future of the coin is great. We would recommend the traders to pick long-term investment for booking huge dividends.

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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