Bitcoin (BTC) price analysis featured as on 16th May


Bitcoin price yesterday was moving at a stable rate seemed to be creating a support level at the dip from $8300 to trading a little above $8000 by the end of the day. Bitcoin has been growing at an augmented rate from the last seven days, which was not visible in previous 24-32 hours. However, Bitcoin price has been increasing but at a prolonged rate, that it is swaying between the ranges of $7500-$8500. When once it rose to $8500 in a matter of 7-8 hours is now seen grappling around $8000 probably creating a support level at $7500 and a slight resistance level at $8500 for few days to come.Bitcoin price stability gaining momentum: BTC value as per the data and Bitcoin price chart by the Trading view on the exchange of Coinbase as on 16th May at 4:29 UTC is as below:ParticularsStatisticsPrice (USD)8028.79Market Capitalization146,112,341,463 USD24h volume30,013,663,161 USDReturn on Investment5989.32%Circulating Supply17,703,050 BTCFrom the above current trading data, it is evident that the Return on Investment has been growing with the growing price but at a moderate increasing rate. However, Bitcoin’s Market Capitalization is adding around $145 billion to the total Market Capitalization, which shows a fair dominance by Bitcoin and its market share amongst all the cryptocurrencies. The lowest price mark yesterday was observed around $7831.54 with midday rising. Later, it rose to the $8386.15 in the earliest dawn of the day. Currently, the price is, 2.51% more than the lowest of the last 24 hours.Bitcoin dominance is the result of its popularity amongst the immense investors and crypto lovers. As a result, the not so famous Bitcoin during its earliest bulls of 2017 is now heading the market like a boss, creating the new highs of 2019. Bitcoin in year and a half has increased its market share after.#Bitcoin has the highest range of trading velocity in its history.#BTC— Bizeo (@bizeo9) May 16, 2019Per the above tweet, it is noted that this BTC price surge is the real-time high recorded with the highest trading volumes and the total supply of all times.Bitcoin investors having a long position is relaxed with the BTC price movements at present. However, Bitcoin is gliding as the short sellers also buy Bitcoin due it’s come back of heights in the cryptomarket making investment portfolios enduring.

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Bitcoin 7-day price chart. Source: CoinMarketCap

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