Bitcoin has fallen tremendously with its intraday movement today. The price is suffering from a heavy blow. Alongside, there is a slight recovery noted, that might take to $8,000. From the last couple of days, Bitcoin price was seen paralyzed around $8,300. The downtrend in the coin is indicating towards a dull day ahead. Intraday trading is not expected to bring any positive results.
If we look at yesterday’s chart, the price touched a high at $8,134.83 and a low at $8,000.94. Let’s have a look at the price chart.
BTC to USD Price Analysis:
Yesterday, Bitcoin started trading around $8,016, when the price immediately fell to $7,957 by 0.76% but soon recovered. The escalation took the counter to $8,129 by 2.16%. There was another pullback that brought the coin down to $8,049 by 1.05%. The final uptrend took the price to $8,137 by 1.09%, marking a marginal rise of 0.96% the day closed at $8,093.
However, today, the price started the day with an uptrend as it moved from $8,090 to $8,135 by 0.48%. The price later took a heavy drop and touched $7,911 and later $7,860. Although, BTC has recovered and went back to $7,960.
As mentioned in the above chart, Bitcoin has broken the major support level by touching $7,860 and is awaiting the next support level. The intraday fall has marked a heavy loss. It looks like Bitcoin would take some time to recover from the heavy loss.
Here are the calculated support and resistance level for Bitcoin.
| Resistance Level | Price |
| R1 | $8,158.85 |
| R2 | $8,213.78 |
| R3 | $8,292.74 |
| Support Level | Price |
| S1 | $8,024.96 |
| S2 | $7,946 |
| S3 | $7,891.07 |
Bitcoin is still holding the hope of recovery, and the same happens the coin might be closing the year with a profitable number. The currency is recommended for long-term traders as it would bring a colossal profit.
