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Price Analysis

Can Bitcoin Lead the Market to Bull After the Recent 5.9% Hike?

  • Bitcoin gains 5.9% in the last 24 hours
  • The next resistance may fall at 8555 USD

Bitcoin (BTC) has finally gained some hope by yesterday’s movements. In the last 24 hours, it has gained 5.9% and the value has surpassed the 8,300 USD price level. All the three price swings in this period were indicating raises in the price level.

Bitcoin Price Analysis:

Bitcoin opened the day at 7,863 USD price level and the first swing started at 00:37 UTC. Within the next 12 hours and 45 minutes, it achieved 5.31% to be placed at 8,198 USD. The next swing was also an increment in the value. Between 13:22 UTC and 18:13 UTC, the coin gained 1.22% and the value reached a whopping 8,297 USD.

The next few hours were volatile, but BTC did not lose its strength. At 20:51 UTC again, it started climbing and over the next 5 hours and 17 minutes, it gained another 128 USD to push the value to 8,330 USD by 02:08 UTC.

Bitcoin Price Chart
BTC Chart By TradingView

Over the last seven days, the BTC price movement has seen many fluctuations. At the starting of the week, it managed to go near 8,500 USD. However, as the days passed, BTC to USD started weakening and the lowest moment was recorded at 7,900 USD.

Bitcoin Price Prediction:

BTC’s 20-day moving average has breached its 50-day moving average and its current price has easily surpassed both the lines. It shows upcoming bullish days for BTC and the medium-term may also get bullish.

Bitcoin (BTC)Support & Resistance Levels
1st Resistance$8,400.79
2nd Resistance$8,555.96
3rd Resistance$8,803.47
1st Support$7,998.11
2nd Support$7,750.6
3rd Support$7,595.43

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Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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