Bitcoin is moving upward from previous few weeks and also shocked many analysts of cryptocurrency. The price of Bitcoin touched to $13,000 USD in last week. But this volatility would not remain persistent continuously as it starts its movement downward.
Current Scenario of Bitcoin:
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Source: Coin Market cap
The current price value of Bitcoin is $10,494.11 USD at the time writing which is at a lowest position of week. The total market cap of bitcoin is $186,726,459,730 USD and 17,793,462 BTC. The 24 hour volume of Bitcoin is $30,861,531,387 USD.
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Comparison of Whole Week
Bitcoin’s price on 26 June closed at $12927.44 USD which is a peak position of Bitcoin according to the previous values of Bitcoin. Thursday’s price of Bitcoin was $11159.29 USD which is lower than Wednesday price. On Friday, it moved upward slightly and closed at $12360.45 USD. But afterwards it started moving downward and the current price of Bitcoin is $10,509.07 at the time of writing.
Source: Trading View
The previous data of last month tell us that its price started to increase from May and it reached to its maximum position in last week that’s why it is so important. The importance of volatility is very important as analysts of cryptocurrency already predicted that this surge will not continue and correction will take place after sometime. This chart of trading view clearly shows that the rally could not maintain its position and falls to its lowest price of week.
Trend line of Bitcoin is testing at support level at $10,509.07 USD, which may retrace to golden ratio of 23% or 38%.
Source: Trading View
The next support level will be at $9200 USD in case of downtrend. If it breaks this short term downtrend, the next resistance level will be at$ 12,932 USD.
The price of Bitcoin will surge after this short-term fall and may reach $15,000 USD in 2019 and 20,000 USD in 2020 according to many experts and analysts of cryptocurrency.