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Price Analysis

Bitcoin Starts Recovery; Gets Back to its Old Fort around $10,200

  • Bitcoin starts recovery and gains 1.35% overnight to touch 10,200 USD.
  • The next resistance for BTC may come at 10,424 USD.

Bitcoin (BTC) has been able to start its recovery process after the last few days of the grimy movement pattern. In the last 24 hours, it has been up by 1.35% and it has managed to get back to its previous form trading around 10,200 USD. BTC has shown four major price swings in this period.

Bitcoin Price Analysis:

The first price variation for Bitcoin happened between 00:18 UTC and 03:07 UTC and this price variation cost it 576 USD and placed it at 9,605 USD, the lowest point of the day. It was followed by a huge hike of 4.98% that added 478 USD by 17:14 UTC and this hike had a break at 9,896.04 USD.

The third price variation was also another series of increments between 17:14 UTC and 20:03 UTC and this increment lifted the value by 2.76% which placed the value at 10,360 USD. The final swing started at 20:03 UTC and over the next 6 hours and 26 minutes, it reached 10,218 USD after a 1.39% cut.

BTC Price Chart
BTC Chart by TradingView

Bitcoin has almost got out of the volatility when concerned with the past few days. It is expected to continue the recovery process in the coming days. The next resistance for BTC may fall at 10,424 USD. In the medium-term, it is likely to have a bullish run.

Bitcoin (BTC)Support & Resistance Levels
1st Resistance$10,424.15
2nd Resistance$10,581.90
3rd Resistance$10,868.13
1st Support Level$9,980.17
2nd Support Level$9693.94
3rd Support Level$9,536.19

 

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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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