Price Analysis

Bitcoin Price Takes Leap; Maintains Oscillation between $9,600 and $10,150 in past 24 hours

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Bitcoin is moving in the market with the growing volatility for a few days now. This rebound leads the major altcoins to follow the league and as exhibited, most of the coins in the market are undergoing a positive change in the past 24 hours. With this BTC price is trading between its major resistance and support level of $10,200 and $10,000 respectively.

  • The swings in the trading price of the coin led the coin to trade as low as $9614.31 and as high as $10,154.25 in the past 24 hours.
  • BTC price has grown by almost 3.5 times from the start of the year until the current trading price.

Will the current oscillation lead Bitcoin to trade around $15,000 to $20,000 by the end of the year? 

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The current market statistics and the price trend of the coin draw a relevant picture of the same.

BTC/USD Chart:

Bitcoin Price Chart - 25 July
BTC Chart by TradingView

With the current trading price, i.e., $10,066.69, increased by 5.14% from yesterday’s trading price of $9573.80. However, towards the midday yesterday, it climbed to $9,913.94, near its major resistance level of $10,000. It couldn’t hold tight and fell again near its support price of $9500.

Today, the day opened with a bullish price trend and soared as high as $10,183.65. The current trading price is slightly plunged by 1.14% from then.

Technical Indicators:

The Technical Indicators paint a recovering picture today as compared to that of yesterday.

  • The MACD of the coin is nearing the positive sentiment but with a bearish crossover as the signal line crosses the MACD line.
  • The RSI of the coin is rising from the oversold region and presently ranges above 40, exhibiting a better scenario when compared with the declining trends yesterday.
  • With the current trading price as the base, the coin has its major resistance price as $10,200 and major support price as $10,000 and $9800.
  • Important to note that the coin broke its major resistance price showing a positive outlook.
  • With this, the significant decline of the past three days gets a ray of relief when the price trades near to the 10-day SMA ($10,169.61) and 10-day EMA ($10,297.88).

Bitcoin Price Prediction and Conclusion:

Now, if the price fails to surpass its new resistance of $10,200, it will again fall in the bearish zone. And if there are extended losses, the price may even fall beyond its major support level of $9800 and the critical level of $9500.

Since BTC has never failed to surprise and is expected to take a major swing with the continuing oscillation and trade beyond $10,200 for continued bullish phase, the coin is expected to trade around $15,000 to $20,000 by the end of the year.

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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