Bitcoin price movement: BTC price gaining momentum?

The Bitcoin price movement has the same as the overall cryptocurrency market. On the weekend, the crypto market maintained its swift downward trend. Since Friday the decline of about 0.8% has been observed via the total market capitalization indicators, thereby, standing at a value of about $234 billion currently.

However, there is only one cryptocurrency Cardano ADA, whose value has increased a little over three (3.56) percent, whereas all the other top-ten currencies have been experiencing a decline in their value.

cryptocurrency market overiview chart 2Cryptocurrency Overview chart by Trading View

Let’s have a look at the key indicators for the top-three cryptocurrencies:

Bitcoin price movement: What to expect?

The king of cryptocurrency Bitcoin (BTC) has not been making any progress. The price of BTC still has not made a move that would take it closer to its mark of $7500. Now with the latest fall from $8,650, Bitcoin has been gradually approaching the phase of recovery. However, this would be a false recovery, as the price fall continued.

Bitcoin price chart 1- 19 novemeber 2019Bitcoin price chart by Trading View

Bitcoin price shows strong support at the $8100 mark while the price is trading in the $8120 zone the support levels on a 90-day price chart stands at $8134.

A minimal upward movement is likely to end close to the $8500 mark, where the 50-day MA and 200-day MA are found and this is interestingly an indicator of good resistance. Following that the cryptocurrency might continue with its downward tendencies towards the $7800 mark.

At the time of writing, BTC is changing hands at $8,120.