Bitcoin Stalls Recovery; Stagnates Around $8200

  • Bitcoin is down by 0.68% over the past 24 hours.
  • The next resistance is likely to come at 8,355 USD.

Bitcoin seems to have stalled its recovery process, and over the last 24 hours, it has lost 0.68% to fall below 8,200 USD. The four major price swings have given the overall price trend a range between 8,340 USD and 8,108 USD.

Bitcoin Price Analysis

Bitcoin opened the day trading around 8,200 USD, and between 00:47 UTC and 02:22 UTC, it faced its first variation. This variation added 127 USD to the value and pushed it to 8,340 USD, the highest for the day. It was later followed by a fall of 2.26% in the next 6 hours and 2 minutes that took the value to 8,152 USD by 08:24 UTC. The third price made it lose 1.71%, and the overall value was pushed to 8,108 USD, marking the lowest for the day. Later, BTC could not be sustained at this low value for long, and it rose to gain 108 USD and reached 8,215 USD.

In the said 24 hours, the market cap of BTC also took the toll. The current market cap is 147.947 billion USD down from 147.966 billion USD in just one day. It should be noted that the market cap has been on a downtrend since 07th October after a quick rise on 06th October.

Bitcoin PriceBitcoin’s 50-day average has been maintaining a good distance from its 20-day average, and the current price trend is below both the averages. As per our Bitcoin projections, Bitcoin may not witness any abrupt changes in the coming days.

Bitcoin (BTC) Support & Resistance Levels
1st Resistance $8,292.05
2nd Resistance $8,355.32
3rd Resistance $8,377.92
1st Support Level $8,206.18
2nd Support Level $8,183.58
3rd Support Level $8,120.31

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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