Price Analysis

Bitcoin (BTC) Reflects Support at $8,000; Expected to Rise Despite Bear Attack

Bitcoin is dealing with a moderate loss since the morning. The currency is holding itself tight around $8,000. A few days ago, the BTC price was at $10,000, but then it fell. The traders and enthusiasts are looking forward to a recovery in the coin which would lead the market towards the price rally. The intraday price movement in the chart is reflecting not much of a movement and is expected to remain boring.

Bitcoin Price Analysis

Yesterday, Bitcoin began dealing at $8244.8. The price shifted to $8157.4 within the first few hours by 1.06%. Later, there was another drop of 2.52%, which took the BTC price from $8265.3 to $8057.2 by 2.52%. Further, the coin picked up the pace and moved from $8110.5 to $8357.8 by 3.05%. The intraday progression in the price was of 0.18%. Today, Bitcoin booked a loss of 1.98%. The price shifted from $8259.5 to $8095.7.

btc to usd price chart
Bitcoin Price Chart by TradingView

Bitcoin is the leading coin of the cryptocurrency market. BTC had helmed the beat of the crypto market many times in the past. A small bump in the road is not a subject to worry about, and hence, we are quite positive that the situation would soon improve. Talking about today, Bitcoin is dealing at 146,429,727,861 USD Market Cap. The 24-hour volume of BTC coin is at 13,720,313,272 USD. There are 17,963,887 BTC coins currently circulating in the market.

Bitcoin holds a high possibility of an upsurge in the future. Hence, in the coming months, BTC would cross its 30-day high $10,898. We would recommend the long-term investors to opt for Bitcoin to book a colossal profit.

Resistance & Support Levels:

R1: $8312.55, R2: $8379.18 and R3: $8472.74

S1: $8152.36, S2: $8058.8 and S3: $7992.17

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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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