Price Analysis

Bitcoin Strikes above $10,200; the Gaining Spree May Sustain for Some More Days

  • Bitcoin has elevated its value by 4.97% in the last week and traded from $9752 to $10,237
  • Investors may witness a moderate bullish price rally in the short-term, and the next resistance seems likely at $10,400

Bitcoin has managed a bullish week with heavy volatility, and the value against USD has fallen to $10,200 after trading towards $10,500. However, the price movement pattern has given the intraday traders nightmares due to immense volatility.

Bitcoin Price Analysis

On February 07, Bitcoin started the day at $9752.67, and over the next three days, it was pumped up by 4.50% and added $439.33 and got placed at $10192. Then, BTC corrected downwards by a 4.68% that took the price to the weekly low point at $9715.52 by February 11. From this low in the next two days, Bitcoin showed signs of strength, and it was up by 8.07%, and the currency price was increased to $10,500, the highest point of the week. BTC couldn’t keep its value at this high for long, and over the last day, it has lost 3.03% value, and it is confined to $10,182.

BTC Price News
BTC/USD Chart by TradingView

Bitcoin’s market cap has been through massive improvement over the last seven days. The market cap on February 07 was 178.339 billion USD, and it has been hyped to 186.070 billion USD.

After showing sharp upward movements since February 11, BTC/USD dropped to $10,237 and which has managed a marginal lead over its 50 days MA ($10215.61) and 20 days MA ($10225.25).

As per the technicals, the Bitcoin price is likely to grow even more in the upcoming days. On the upside, the price may test the next resistance levels i.e., $10,300 and $10,400. However, the coin may not shield its investors from sudden spikes in the value. From its current momentum, we can say that BTC’s price may fall towards its strong support zone around $10k.

Tags

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.
Back to top button
Close