Bitcoin price movement: BTC price gaining momentum?

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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.