At the press time, Bitcoin price is down by 1.08% as per Cointelegraph’s Live price charts. Despite having settled somewhere between $9,000 and $10,000 range, Bitcoin is down by 19.70% since the starting of the month of July and the next critical resistance of $11,000 seems to be a distant dream.
July 2019 witnessed some ups and downs after a bullish May but since the weekend the range of price shift has been very short. The last price at the time of writing was $9,506.34 which is -0.99% from the opening price in the last 24 hours.
According to the technical price analysis, Bitcoin will receive key support as it hits $8,800 as this price is strengthened by the Simple Moving Average. If in the worst-case scenario, the price falls below $8,000, the market situation might worsen and an extended sell-off may be hit.
Looking at the positive price movement, a sustainable movement is expected if the price passes $10,000. It was 23rd of July when the price was above $10,000 and for the last 7 days, multiple events have not been able to push the price above the handle again. The experts predict $10,450 to be the next point of resistance from where nothing can stop the movement to $11,000.
After peaking out at $13,900 towards the end of June 2019, Bitcoin lost 40% of its gains in the month of July. Rallying from a price of $3,100 from December 2018 to $13,900 in June 2019, BTC held its price somewhere around $9000 – $10,000 in July.
It was the second quarter of 2019 where Bitcoin investors and holders made some significant gains. The price rally started on April Ist when the price per Bitcoin was $4,125 and it was the best after 12 long months of crypto winters. By 15th May Bitcoin was trading at $8,148 which was a clear 53% price rise and the price went into a subsequent rally. It remained bullish for the entire month of June as it passed the $10,000 mark on 12th June and went on to $12,701 on 26th June which was a 58% increase. After bullish months a market correction was expected and July was the month.
The last 7 days witnessed a gradual price fall that did not fall below $9,100. Although the correction was expected, it can still take a bullish or bearish trend. The bull could push the price above $11,000 while the bears could pull it down to $7,200.
Losing over $10 billion from 23rd July till date, almost all the cryptocurrency prices have dropped. If Bitcoin crosses the resistance level of $11,000, the next resistance prediction is somewhere close to $13,200 and $13,900. Considering all the positives if the $13,900 level is crossed, Bitcoin may touch its all-time high of $19,800.
According to the past experience, at the $9,100 price, Bitcoin has undergone a double zigzag correction. Bitcoin requires a big break that pushes it above $11,100 so that the market turns bullish once again.
Want to learn more? This article might be of interest to you: