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Bitcoin (BTC): How Does the Chart Look Friday?

Friday, December 03, 2021 06:03 AM | InvestorsObserver Analysts
Bitcoin (BTC): How Does the Chart Look Friday?

Bitcoin receives a weak long-term technical score of 29 from InvestorsObserver analysis. Our proprietary scoring system considers the trading patterns over the past several months to a year by analyzing the coin's consistency, volatility, and where it is relative to long-term averages to determine whether it's a strong buy-and-hold investment opportunity. Currently, BTC holds a superior long-term technical analysis score than 29% of crytpocurrencies. Long-term investors employing a buy-and-hold strategy will find the Long-Term Rank especially relevant when allocating their assets and may find additional value finding cyptos with a high short-term technical score to discover coins that have bottomed out.

Long-Term Technical - 29
InvestorsObserver is giving Bitcoin a 29 Long-Term Technical Rank. Find out what this means to you and get the rest of the rankings on Bitcoin!

Trading Analysis

The current trading price of $56,946.68 for BTC is $2,560.37 (4.71%) above the coins 100-day moving average of $54,386.31.BTC meanwhile is $39,327.14 (323.14%) above its 52-week low of $17,619.53 and -$11,842.95 (82.77%) under its 52-week high price of $68,789.63. Bitcoin's current price relative to the coins long-term average and 52-week high and low, gives the crypto an average long-term technical score of 29. The price movement and range of BTC suggest that investors are bearish on the coin at this time. Bitcoin has a total market value of $1,075,714,883,110.83 with an high average daily volume of $293,270,018,572.89 worth of the currency exchanged over a typical 24 hour period. As of the past 24 hours, BTC's volume is below its average with $32,127,261,108.05 exchanged in total. This coin's subclass Digital Money: Digital Money is an asset, commodity, or currency intended to maintain value and liquidity over time so that it may be used the same way fiat currencies are used.

Summary

BTC's historical trading over the past year gives it a a weak long-term technical score of 29 as its price movement in that time has given investors reason to be bearish on the coin in the long-term. Click Here to get the full Report on Bitcoin (BTC).

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