Price Analysis

Bitcoin Seems to have Bullish Trend; But Hovers Around $10,500, Exhibiting Contradictories

Bitcoin (BTC) exhibited striking price trends on the weekends in the previous month to a great extent. However, the weekends this month have been quite pale and stagnant. When on the previous weekend, the coin was seen having languished trends, this time it kept a stagnant crossover with no bullish or bearish crossover.

Yesterday, the BTC Price went as high as $10,841.89, with a view to cross $11,000 and trade beyond. But it couldn’t take leaps and closed the day hovering around $10,600. However, if we closely scrutinize the 5-day trend of Bitcoin, it will manifest a different image overall, having taken a bullish step towards $11,000 from its major support level of $10,000 and below.

BTC Chart:

Bitcoin Price Chart - 22 July
Bitcoin Price Chart by TradingView

Bitcoin Current Market Statistics:

Bitcoin is currently trading at $10,596.00 at 07:08 UTC as on 22nd July.

The current market cap of the coin is $189,147,625,659 with a 24h volume of $16,071,606,160.

The current circulating supply of the coin is 17,830,987 BTC.

Bitcoin currently fetches 7,727.38% Return On Investment (ROI).

BTC to USD Price Comparison:

As observant from the above 5-day chart, the price has surged by 21.9% from $9,101.68 on 17th July to trade as high as $11,099.45 towards the end of 20th July. The current trading price is 16.41% more and 4.5% less than the respective lowest and the highest in the said time period. With constant attempts to trade above $11,000, Bitcoin has been hovering in the range of $10,500 to $10,800, with an expectation to splurge with the newest price marks soon.

Technical Indicators:

The squeezing of the Bollinger Bands indicates towards having a notable decline in the upcoming days.

The 200-day SMA ($6,155.40), seems to get traction with the current price trend, but the current price is 72% less than the built SMA.

The MACD seems falling in the negative region showing bearishness and low volatility.

The coin may face major resistance at $11,000 and $11,100 while the major support will be $10,500 and $10,300.

Bitcoin Price Prediction and Conclusion:

Bitcoin is one of the trusted avenues by the crypto lovers and the crypto community and is ought to give results in the long run. With this, it is expected that the coin may trade around $15,000 to $20,000 by the end of 2019.

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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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