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Bitcoin Price Analysis – Where BTC Is Heading Next?

The last week has been evidence of fluctuations in the price of Bitcoin (BTC). BTC reached $27,995.54 on the 7th of October of this week a lowest value of $27,252.91 on the 6th of October. In the last week, BTC’s price has increased by 0.23 %.

ShahZaib Ahmed

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Introduction

Bitcoin (BTC), the leading crypto asset is currently trading at $27,691.24 which is far below the expected price. After an ATH back in 2021, BTC has shown sluggish behaviour in the last two years. It is believed that BTC is going to gain momentum soon.

Price Value

Bitcoin’s current value while writing the article is fluctuating at $27, 691. BTC keeps on fluctuating on an hourly basis. This article heights the BTC’s value trend based on last week’s performance.

In the last week, BTC has been very volatile and unpredictable. It recovered from the ATL price and crossed the figure of $27k.

Statistical Data

Currently, Bitcoin is trading at the price of $27,691.75 and has a trading volume of $12,129,917,652. BTC’s current circulating supply in the crypto market is 19,509325 BTC out of 21 million BTC. The coin market cap of Bitcoin is standing at $539,493, 118,997.

Weekly Price Analysis

The last week has been evidence of fluctuations in the price of Bitcoin (BTC). BTC reached $27,995.54 on the 7th of October of this week a lowest value of $27,252.91 on the 6th of October. In the last week, BTC’s price has increased by 0.23 %.

Source: Coinmarketcap.com

Support and Resistance Level

Last week BTC touched the support level of 27,252.91 and then bounced back and showed a bullish trend. It achieved $28,227.33 which acted as the resistance level as the price couldn’t exceed that.

Also Read: Stock Market Can Face A Crash of 20%, Warns J.P. Morgan Executive

Price Prediction

If we look at the fluctuation and bullish tendency of Bitcoin during the last week, it is more likely that Bitcoin (BTC) broke the resistance level. It can be presumed that based on the previous BTC value trend, Bitcoin might cross $32k in the coming couple of weeks.

Conclusion

Although Bitcoin has been showing sudden rise and fall in in its price but still ranked as the leading digital asset. It is still regarded as the best crypto assets in generating profit.

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