Bitcoin Value Analysis: BTC finds New Support above $10,400

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Arushi Dubey
Arushi Dubey is a student of Bachelor in Arts( Psychology). She is pursuing Psychology in arts with English literature and French Language. She is well versed in the English language. She is good at expressing her thoughts into words. She is still getting more and more trained in gathering knowledge related to Crypto Currencies and expressing them.

Bitcoin is enjoying some bullish movement in its value from the previous 2-3 days after going through the bearish pressure in the market. Now the currency is in the green region and has found a new support level at a value of $10,400. The value of currency increased up to $10,700, however, the currency decreased again up to $10,400 but the bulls again gaining power.

Yesterday, even after the bulls in movement in the value the currency was down by 0.05%. The value below $10k is a bearish signal if the bulls fail it at $10k then the value of $9,000 would have acted as a critical support level for the currency in the market.

Current Statistics of Bitcoin (BTC): Currently, Bitcoin trading at the value of $10,591.76 and its value is increasing by 0.40%. The market capitalization of the Bitcoin is $189,772,762,546 and the 24-hour volume of the currency is $16,549,449,914. The circulating supply of the currency is $17,917,025 BTC and the ROI of the Bitcoin is 7,728.35%.

The important resistance values of the Bitcoin is $10,783, $10,850, and 10,950. On another hand, the important support levels of the currency are $10,000, $9400, and $9,000.

Bitcoin Price Prediction: Bitcoin’s hourly chart shows the bullish movement and the market is displaying the signs of weakness from the opening. On the other hand, the intraday trading of the currency is also bullish and $10,400 rebound has become an important support level. The next important support level of the currency are $10,200 and $10,000. And if the value of Bitcoin goes below $10k support then it will be considered as mid-term bearish.

As a result of this new rebound at $10,400, the currency might go with the bullish movement and reach up to the resistance value of $10,783. If the value of Bitcoin reached this value of $10,783 then the value could reach up to $10,850 and $10,950.

Yesterday, the value directly decreased by $300 and reached towards the value of $10,400 from $10,700. If the selling pressure got the upper hand then we can anticipate a strong surge under the value of $10k. The RSI of the Bitcoin is also in an upward direction, after the decreasing price. The Stochastic RSI is going back to the oversold region after the suggestion of the bullish action charge in the moment.

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