The Bitcoin price is currently displaying a slightly bearish movement. The cryptocurrency market is a mix-up of red and green. The BTC price failed to touch a $12,000 mark and after that, it decreased by almost 2.13% in the last seven days. At the time of writing, the BTC/USD price is sitting at $11,350.52 (-1.18%). Is Bitcoin price stuck in a rut? Let’s take a look at it in more detail.
Bitcoin Price Analysis: BTC Price displaying bearish movement
It seems that the Bitcoin price is slowly recovering from almost $600 drop in 2 days. If you closely observe the weekly chart then you will find that the BTC price has dropped by 2.13%. Now, if Bitcoin wants to maintain bullish drive then the crucial support could be between $11,180-11,350.
However, if BTC/USD price fails to touch the support level at $11,180-$11,350 then the price could make a notable decline towards the $10,200 mark. The next extensive support zones could be observed at $9,820-$10,100. The key metrics are as follows:
24hr Change +0.36%
24hr Vol $2,157,339,023
Liquid Marketcap $211,825,081,683
Liquid Supply 18,458,862
Max Supply 21,000,000
Bitcoin Price Analysis: The Bullish Outline for BTC Price
The 1 hr bullish plot for the BTC price could be defined between $11,453 – $11,560. If you analyze then the rejection at the $11,750 mark could be assumed, after which an analysis of $11,450 could give support. Also, the 1-month exchange rate between gold and Bitcoin has lately touched an all-time high of almost 69%, exceeding the high reported in 2018 and 2019, as per the report of Skew Analytics.
Bitcoin/Gold 1 mth correlation reaching new all-time highs, giving momentum to the store-of-value narrative for BTC in these "money printer go brrr" times. pic.twitter.com/hr7l8GPvF8— skew (@skewdotcom) August 10, 2020
Skew Analytics wrote that such great correlation rates imitate Bitcoin’s story as a haven during times of skepticism. The thing is over the past 30 days, the Bitcoin price performance (ROI) vs USD is quite remarkable. The ROI has grown by almost 24% and overlooking the current price movement for BTC, where is the major digital asset headed to next? The daily chart is slightly bearish but bulls could use the 12-EMA to bounce back up. The daily price movement could remain intact between 11,453 – $11,560 unless the bears can drop the BTC price below $11,200.
Still, there could be a possibility that the BTC price could touch $12,500 after touching $12,000 as it is between $11,300 – $11,400. The range between Bitcoin’s lowest and highest trading prices over the last 24 hours is $11,418.70 – $11,659.67. This could build more trust in the bullish market further climbing Bitcoin price to $12,000. So, it is too early to say the Bitcoin price is stuck in a rut. We wish you happy trading!
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