Considering the Market Cap of the crypto market 3 weeks ago, the combined estimate was $282 billion, which is now dropped by 7%. Bitcoin price on last Wednesday was hovering between $10,025 and $10,225 in just 2 hours. However, the value might escalate, only the question is, ‘When?’
Bitcoin Price Analysis
Yesterday, the value was first trading below the baseline at $10,199.64 at 00:06 UTC. Then, the BTC price went further down by 1.58% at 06:19 UTC with the trading price of $10040.28. At 15:40 UTC, the price of Bitcoin escalated in the upward motion by 3.28% and the trade changed to $10370.09. The slight drop of 1.12% was seen at 16:29 UTC and the price changed to $10256.12.
The highest touchpoint of yesterday was seen at 22:16 UTC when the Bitcoin price was realized at $10457.83 which is dropped again by 1.25% as of now.
The price of Bitcoin seems to the sliding away from the bearish zone. The prognosis of the current trend might change in the coming few weeks when the BTC will hit the bullish trend. Speaking of the long-term momentum, we might see the touchpoint over $11,000 where traders might enjoy some decent returns too.
Short Term Investment:
To conclude the short-term trade decision, traders can follow the highest and lowest touch down to carry their intra-day situation. The short-term investment can also result in little returns, but traders might have to play safely watching the trend closely. Moreover, to stay away from any loss, traders should consider resistance and support levels for short-term trading. As per the current trend BTC may find support at $10,200 soon.
Long Term Investment:
You might have to be little careful with the fluctuations in the long-haul movement and make a wiser decision to hit the returns. However, Bitcoin price has subsequently increased since the start of the year, but now moving in the downward motion.
The resistance and support level can help traders with the same:
R1: $10,535.17, R2: $10,660.22 and R3: $10,878.18
S1: $10,192.16, S2: $9,974.2 and S3: $9,849.15