Bitcoin is the most popular name in the world of cryptocurrencies - in terms of awareness as well as in terms of market cap. Bitcoin prices are matters of national news and have the most impact on the cryptocurrency markets. Many cryptocurrencies follow the trends set by Bitcoin and it's movement influences the movement of other currencies. However, of late Bitcoin prices have been facing a major resistance which has been stalling its growth.
Over the past 24 hours, Bitcoin has lost 5% of its price. The currency started the day at a price of $8979 but has since fallen down to $8728. The market cap of Bitcoin too, reflects this fall as the market cap has fallen from $151 Billion to $147 Billion. Bitcoin faces a heavy resistance at various levels, which is preventing it to grow.
The bulls have been entering the markets from time to time, but it looks like a much stronger bull-run would be needed to push Bitcoin past these lines of resistance. This past week has been full of a number of ups and downs. BTC began the week at a price of $11700 but eventually slid down to a low of $7800. However, it has since rebounded strongly and climbed back to the $9300 mark.
Bitcoin met another line of resistance in the mid-9000s from where the price has begun to fall again. These lines of resistance are getting stronger with the widespread FUD that is gripping the markets. Bitcoin prices are being strongly influenced by fake news and misinterpretation of government policies by investors.
For now, it is expected that a downward trend is likely to continue and Bitcoin will remain trapped between the $7500-$9500 price range. Markets have been optimistic that BTC will bounce back stronger than ever and it is just a matter of 'when' and not 'if'!
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