Bitcoin Price Analysis: Is The Price Trending Upwards?

Bitcoin Price Analysis: Is The Price Trending Upwards?

Cryptocurrencies, in general, are on a recovery path but altcoins, led by Ethereum, are ahead of bitcoin. In the last seven days to early morning Monday, September 16, Ethereum has gained 8.69% to $198.68.  Comparably, bitcoin gained only 0.26% to $10,349 in the same seven day period.

Bitcoin price performance in the last seven days

During the previous seven days, Bitcoin price has mostly been fluctuating between a $10,438 peak and a $10,018 through. However, the cryptocurrency is showing signs of breaking past the peak, having stayed around $10,350 for most of the week.

On Friday, September 13, Bitcoin hit $10,438 after a short three-day decline to the lowest levels of the week. By the end of trading on the same day, the major support level for the cryptocurrency was $10,000. On the other hand, the resistance level was $10,500.


Likely scenario for bitcoin price going forward

Bitcoin faces both headwinds and tailwinds in the coming days, which might determine its direction going forward. The US Senate is expected to approve a bill whose intention is to turn an executive order by President Trump into law. Senate bill 1025 intends to ban US citizens from engaging and transacting in Venezuela’s oil-backed cryptocurrency called Petro. However, analysts think this might morph into a law which will curtail the whole crypto industry. If the bill becomes law, investor sentiment is likely to dampen, and that will adversely affect crypto prices.

Nevertheless, bitcoin has enough momentum to push the price past the $10,500 support. The NYSE Bitcoin Index shows that the price of the most dominant cryptocurrency will continue to rise. Notably, the index grew 14.27% in the last three months. Over the last 250 days, the index expanded 158.13%.

Further, the price movements in the last seven days imply little volatility, if any. It is to say that investors are cooling their nerves concerning their mindset about Bitcoin. It is a significant development because it will facilitate the entry of many more investors and hence, better price-performance for Bitcoin.


By Invezz Newsdesk
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