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Price Analysis

Bitcoin Stagnates at $8544 After a Mere Decline of 0.84%

  • Bitcoin loses 0.84% over the last 24 hours
  • The next resistance may come at 8,650 USD

Bitcoin has been through huge volatility in the price movements over the last 24 hours but there is only 0.84% decline in the value in this period. The price movements have been in the range between 8,654 USD and 8,465 USD.

BTC to USD Price Analysis:

Bitcoin (BTC) opened the day trading around 8,600 USD and its first swing happened between 00:07 UTC and 02:30 UTC and in this swing, it fell by 1.01% to reach 8,530 USD. It was followed by a hike of 1.45% in the next 5 hours and 18 minutes and this hike added 123.75 USD to the value and pushed it to 8,654 USD, the highest for the day.

However, it could not sustain its value at this high for very long and it fell to 8,465 USD by 12:45 UTC. Later it got strengthened and got placed at 8,613.51 USD by 21:23 UTC after a 1.74% rise.

Over the last seven days, the BTC price has been rising. Its overall price trend can be divided into two phases of growth. It reached an abysmal low at 7900 USD on October 07. Since then, it is on a gradual addition mode.

Bitcoin Price Chart
BTC Chart By TradingView

As per the latest figures, BTC’s 50-day average is maintaining a high ground above its 20-day average. And its current price trend is below both the lines. It may find some troubles ahead before reaching its next resistance at 8,650 USD.

Bitcoin (BTC)Support & Resistance Levels
1st Resistance$8650.51
2nd Resistance$8714.56
3rd Resistance$8803.85
1st Support Level$8497.17
2nd Support Level$8407.88
3rd Support Level$8343.83

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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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