Category: Bitcoin

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.

• Bitcoin, at the time of writing was trading around the major resistance point above $10,400 and forming a rising channel
• With this, the immediate support lies at $10,200 and having breached above $10,400, BTC is ought to face resistance around $10,500 price zone

Important to note that the volatility is rightly suppressed at the current trading hour and this Bull Run happens to be a reality and not just a belief. Along with the king of cryptos, Ethereum and XRP are also seen mounting they trade at impressive heights $272 and $0.326 respectively. The crypto market is booming with growth and momentum to fade away the despairing traces of the bygone year.

Bitcoin Price Analysis:

Analyzing the hourly BTC/USD chart on Coinbase, we see that the coin has been forming a notable rising channel as is marks a fresh high at $10,486.27. This uptrend is rightly supported by the daily moving averages and holds a “golden crossover” as the 50-day daily MA crosses above 200-day daily MA. Alongside, the 20-day Bollinger Bands also show a moderate band width and projects no volatility in the upcoming days.

However, since the whole market is subject to unpredictable moves the major support lies at $9,800 if the coins dip and meets $10,000 during the trading hours. This second time leap above $10,000 after the past week has been an imminent move by BTC against US Dollar.

Further, on the upside, having faced a strong resistance at $10,500, Bitcoin is likely to face a tough time to hit above $11,000, and currently it is slightly correcting downwards as it trades at $10,446 from the height of $10,486.27.

Technical Indicators:

As per the technical indicators laid, the MACD line and the signal line are likely to experience a crossover and have a bullish divergence, thereby.

Similarly, the RSI of BTC is at 64.10 and is likely to hit the resistance at $70 or the overbought region.