Bitcoin price has been falling heavily in the past few days. The same is likely to improve in some time. However, the coming week might remain the same. The traders can still hope for a better return by the end of the first quarter. We believe the coin would help the market to regain its position and bring back the upward momentum.
Bitcoin Price Analysis
A week ago, Bitcoin was trading at $9,700. The price hovered around the same level till the next day. Then, it improved to $9,929 by a moderate hike. On February 23, the BTC price touched $10,012. On the next day, the currency dribbled to $9,519 by 4.92%. Later, the coin floated around $9,600 till 12:00 UTC, on February 25. From this price point, Bitcoin faced a moderate plunge and reached $9,159. Then, the coin dropped to $8,581 by 7.57% fall. The continual downswing ended at $8,581 on February 26, and then, BTC escalated to $8,935 by 4.13% on the next day. The price couldn’t hold itself and dropped to $8,729 on February 28. Recently, the BTC price plunged to $8,514 by 4.33%.
The current price of Bitcoin is $8,484. The coin has breached the immediate support level at $8,596 and is almost near the next support level. The chances of violating the same and dribbling to the major support level at $8,241 are ripe for now.