Bitcoin News

Bitcoin Shows Semblance of Recovery; Grows by 4.5% Overnight

  • Bitcoin soars by 4.5% over the last 24 hours and it is now at 8600 USD.
  • The next resistance for Bitcoin is likely to come at 8700 USD.
  • In the past 7 days, BTC price has seen a heavy downward movement of the value against USD.

Bitcoin has shown its first sign of recovery over the last 24 hours. It has spiked by more than 4.5% in this period. The value against USD has now touched a new high of 8400 USD. The four price variations have given the overall movement a range between 7740 USD and 8400 USD.

Bitcoin Price Analysis:

Bitcoin Price Chart

At the very opening of the day, Bitcoin faced a blow and a 4.02% fall took the value from 8064.15 USD to 7740 USD. However, it was followed by a marginal recovery of 4.16% and it helped Bitcoin to regain its value to 8062 USD. From there it showed an upward movement. The third swing started at 12:44 UTC and over the next 3 hours and 18 minutes, it scaled the value to 8356 USD. The next few hours had no abrupt changes. The final variation happened between 01:06 UTC and 02:50 UTC of today. This swing added 206 USD and placed the final value at 8406 USD.

In the last 7 days, Bitcoin has been through rough waters and it has shown a tremendous downward scale in this period. From 9800 USD, it went as low as 7700 USD in these 7 days.

Bitcoin’s current price trend is above its 50 day and 20 day average and its 50 day average is constantly pursuing below the 20 day average. This may be a big sign of upcoming recovery attempts. The next halt for Bitcoin may come at 8629 USD as the next resistance.

Support & Resistance Levels

R1- $8461.81, R2- $8629.75, R3- $8945.28

S1- $7978.34, S2- $7662.81, S3- $7494.87

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