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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Disclaimer: The authors of this website may have invested in crypto currencies themselves. They are not financial advisors and only express their opinions. Anyone considering investing in crypto currencies should be well informed about these high-risk assets.
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