Bitcoin Price Analysis: BTC Dropped by More than 5%, is the Bottom Around?

  • Bitcoin faced a massive price drop within the recent few minutes 
  • Major support level breached including, $11800, 11700, and even $11500
  • BTC has started to recover the loss of valuation slowly
  • $11250 has acted as a strong support
Bitcoin (BTC)

While the crypto community was anticipating a power-packed price jump of BTC, the coin has rather disappointed the investors and that also within a few minutes. Bitcoin, recently has hit the bottom even below $11300 against U.S.Dollar.

At 7:45 UTC today, the foremost crypto coin BTC was firmly above $11800 and it maintained its price range there till 11:25 UTC. From its price point as high as $11857.49, the coin nosedived steeply to $11250.12 with a hefty decline of 5.12%. Notably, the coin has broken below major support levels near $11700, $11600 and $11500. BTC, however, is correcting upwards from there.

At 11:44:15 UTC, Bitcoin is trading at $11346.37, and over the last 4 hours, Bitcoin has decreased to 4%.

BTC/USD Price Chart

Bitcoin Price Chart
Bitcoin Price Chart

Bitcoin at present is 6.98% up as compared to its 100-day SMA of $10605.61. Though the coin is well below its 5-day SMA. The recent fall has pushed the coin under selling pressure.

Bitcoin Price Prediction & Technical Indicators:

The MACD chart shows a bullish crossover while RSI for the coin is near 30 showing oversold momentum. Bitcoin currently seems to have a decent support near $11250.

Published by Jason Onyekwere 16:21pm

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