Sep 12, 2020
Bitcoin (BTC) marks a tremendous fall with its intraday movement. The day ahead is not indicating any improvement. However, there are anticipations that the market would soon start to recover as usual.
Currently, BTC has major resistance at $8,000. If the coin manages to trade beyond the said major resistance, it will fetch profits and until then would only be in the state to recover losses.
If we look at the YTD statistics, the currency started the year trading at $3,300 and the current trading price of Bitcoin is around $7,400.
For a better understanding of the movement in the price, let’s have a look at the intraday movement.
Yesterday, Bitcoin started dealing at $8,035. The coin remained at the level for some time but later fell to $7,400 from $7,975 by 7.60% and closed around $7,498. The intraday movement marked regression of 6.73%. However, today, the movement in the coin is flat. The price is hovering around $7,400 since the beginning of the day.
BTC has a high potential as the coin has given great results in the past and holds a high future prospect too. The traders are still hoping for a colossal recovery. If things fall into place, then it would bounce back soon.
As per the current trend, we would recommend the traders to hold on to their investments. However, Bitcoin is highly recommended for long-term investment as the short-term comparatively gives less return.
We would recommend the traders to diverge the investment in the crypto market to deteriorate the risk. The current market condition is quite volatile, this increases the risk ratio and thus by dividing the investment, the traders might end up saving some money.