Bitcoin Price Analysis: BTC/USD Bulls Struggling to Surge Above $9200 Mark

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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.

  • The pair of BTC/USD technical indicators like Oscillators and Moving Averages are showing strong buy signals.
  • Support for BTC/USD pair found at $9,088.14 and $8,958.53.
  • Resistance for BTC/USD pair found at $9,325.35, and $9,432.95.

Current Status of Bitcoin (BTC): The currency is trading at the value of $9,202.84 USD and its value decreased by 1.08%. The market capitalization of the currency is $165,911,841,441 and the 24-hour volume of the currency is $20,463,608,868. The circulating supply of the currency is 18,028,325 BTC and the ROI of the Bitcoin is 6,701.81%.

Yesterday, on 3rd November the value of the currency dropped to $9,200 and also bitcoin failed to break the resistance level of $9,500. The highest value the Bitcoin reached yesterday was $9,379.81. The value of the pair BTC/USD is ranging between the $9,000 to $9,500 and the value of $9,000 acted as the biggest support yesterday. The value dropped from $9,200 to $9,120 and this drop was around 2%.

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The day before yesterday, on Friday the value of the currency was more on the bullish side and Bitcoin was able to go above the value of $9,380. On Saturday, Bitcoin started with the same range but the bearish pressure increased and the value started to decrease. On the other hand, many of the experts or analysts in the crypto market expected more drop in the value of the Bitcoin as a type of price amalgamation.

The daily contributor of the Bitcoin, filbfilb has expected the value of the currency to go high, hoping that at the weekend the price will move higher. On the Telegram channel, filbfilb said to its subscriber that

“Weekend pump playing out, everyone super bullish. I’m looking for short weekly resistance about 9550. Into the 61.8% retracement. 0.5% account risk as it could be totally wrong.”

In the present situation and under the bearish pressure, the five-figure return will be something really big for the Bitcoin. On the long term analysis, the forecasts say that Bitcoin’s average value is near to the value of $8,000 in the coming six months. After that, the block reward form the halving should create a new way towards the bullish sentiment for the Bitcoin value as per the experts. The previous two halvings of the Bitcoin was impacted positively on the price of the BTC is the following months.

On the other hand, the altcoins in the market are also experiencing the ups and downs as the weekend is going on. The top 20 virtual currency in the market, has experienced the ups and downs of around 2%. Yesterday, the Ethereum dropped by 1.1% up to the value of $181. XRP and Binance Coin experience drop also. Other altcoins like Tron and EOS experienced more than 2.5% loss. The total market cap of the cryptocurrency market was $246 billion yesterday and the share of Bitcoin was around 67.4%.

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