Bitcoin (BTC) Price Analysis and Prediction: BTC Shaking Off Its Slump?

Bitcoin price is up slightly, but remains below its recent high and its key moving average. Trading volume is down, indicating lower buying and selling activity.

Bitcoin price today: BTC shows signs of life, but remains below key moving average

Bitcoin price showed a slight increase on Monday, with a marginal rise from the previous day's closing price. However, it still remains below its recent high and its key moving average.

Bitcoin price today, July 11: BTC up nearly 4.3% in 24 hours

Bitcoin price today, July 11: BTC up nearly 4.3% in 24 hours. (Unsplash)

Bitcoin price today, July 11: BTC up nearly 4.3% in 24 hours. (Unsplash)

Bitcoin price today: BTC shows signs of life, but remains below key moving average

Bitcoin price showed a slight increase on Monday, with a marginal rise from the previous day’s closing price. However, it still remains below its recent high and its key moving average.

Bitcoin price today, July 11: BTC up nearly 4.3% in 24 hours

Bitcoin price today, July 11: BTC up nearly 4.3% in 24 hours. (Unsplash)

Bitcoin price today, July 11: BTC up nearly 4.3% in 24 hours. (Unsplash)

Bitcoin price today: Key trends

In the last 24 hours, Bitcoin price showed a minimal increase of nearly 4.3%, bringing its current price to roughly $56,634 (roughly Rs. 43.2 lakh) at the time of writing, as per Gadgets 360’s crypto price tracker.

On Monday, Bitcoin price appeared to be trading below its recent high of nearly $62,806 (roughly Rs. 47.6 lakh) and its key Simple Moving Average (SMA) of roughly $59,898 (roughly Rs. 45.2 lakh).

To signal a bullish trend, Bitcoin price must show a sustained upward movement. After hitting a high of $71,120 (roughly Rs. 53.8 lakh) on June 5, it quickly dropped to a low of nearly $60,237 (roughly Rs. 45.4 lakh) by June 24. It showed signs of recovery on June 30 but lost momentum and continued its downward trend in the following days.

Earlier, market expectations suggested a reversal around the $58,000 (roughly Rs. 43.9 lakh) mark. However, this did not happen as Bitcoin price dipped below this level on July 4. A bullish trend would be confirmed if BTC price surpasses the recent high of $62,806 (roughly Rs. 47.6 lakh) and continues its upward trajectory.

In a bullish scenario, rising prices should be complemented by increasing trading volumes. Over the last 24 hours, Bitcoin trading volume decreased from $53.74 billion (roughly Rs. 407.8 crore) to nearly $35.05 billion (roughly Rs. 264.8 crore).

A notably high volume was observed on Sunday, which helped keep the candlestick’s body small, despite being red. This indicates a strong battle between buyers and sellers.

For an asset to be in a bullish phase, its price should stay above significant moving averages like the SMA. Currently, Bitcoin’s SMA stands at $59,898 (roughly Rs. 45.2 lakh). Since June 10, Bitcoin price has been below this SMA.

On June 30, there was an attempt to breach the SMA, but the price fell below it again on July 3.

The Relative Strength Index (RSI) helps gauge the strength of a trend. An RSI value between 30 and 70 usually indicates a healthy uptrend. Currently, Bitcoin RSI is at 28.41, suggesting that it might be approaching an oversold condition.

Altcoins today

Apart from Bitcoin, most top cryptocurrencies saw gains in the last 24 hours. Ethereum price rose by 2.8%, while BNB and Solana increased by 6.8% and 8.8%, respectively. XRP and Toncoin also showed gains of 5.0% and 13.2%.

Even meme coins like Dogecoin and Shiba Inu experienced an uptick, with Dogecoin rising by 10.9% and Shiba Inu jumping 15.1%.

While it is still early to predict the overall direction of the crypto market, the recent uptick across major cryptocurrencies is a positive sign. The market has shown good momentum in the last 24 hours, indicating potential for continued growth.

Cryptocurrency is an unregulated digital currency, not legal tender, and subject to market risks. The information provided in the article is not intended to

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