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Bitcoin Gold Price Analysis: BTG Declines Again After a Sharp Surge

Bitcoin Gold Price Analysis

Bitcoin Gold (BTG) is one cryptocurrency from the Bitcoin family that is not doing particularly well at the moment. Like any other cryptocurrency, BTG price has been dropping over the course of 2018, as the bearish market dominated and the crypto winter continuously damaged projects.

At its height, back on December 20th, 2017, BTG price was just below $480. While it certainly did try, the coin was relatively new at that point, and it could not breach this barrier. Of course, it may have done it if given time and proper conditions, but right before it did, the bears struck, forcing the price to continue dropping further and further down. On its way, it broke one support level after another, starting with levels at $360 and $240.

Bitcoin Gold Price Analysis Chart 1
Source: CoinMarketCap

The support at $120 briefly stopped its drop in mid-February, but the crypto winter continued, and in March 2018, BTG price broke this level as well. At this point, not many people were looking to buy Bitcoin Gold, but the coin still remained among the top cryptocurrencies by market cap.

In May, the bear market briefly lost its strength, and most coins surged, including BTG, which once again inspired optimistic investors to buy BTG, thinking that the crypto winter is over. However, the surge was short, and the coin continued spiraling down once more. Its drop was stopped by a support at $20, which managed to hold for quite a while. However, in mid-November, BCH hard fork caused another market crash, and BTG finally fell below this support as well.

The price drop was stopped by another support at $10, which even allowed the coin to attempt a minor surge which brought it to the resistance at $15. But, while it managed to breach it several times before the year ended, it was brought back down each time. Bitcoin Gold price ended the year at $13.09.

BTG finally grows in 2019

At first, 2019 was as bad for BTG as 2018 had been, with the coin’s price once again spiraling down. Each time it ran into one of its supports, its drop was briefly stopped, only to break it and continue searching for the bottom. This included support levels at $14, $12, and $11. The coin then finally found its bottom around January at $10, although it did breach it on several occasions, but it quickly rose back above this level.

BTG was finally saved from further drops when February arrived and brought an entire series of smaller bull runs with it. The one that started on February 8th allowed the coin to climb up and turn the resistance at $10 into its strongest support once more, The one on February 18th allowed it to breach the resistance level at $12, and even reach the one at $14.

Bitcoin Gold Price Analysis Chart 2
Source: CoinMarketCap

When the bear market re-emerged on February 24th, the coin dropped down to $12, where it seemingly found stability until March 4th, which brought another blow by the bears. On this day, BTG once again dropped to $10, albeit only briefly. The bullish market started its dominance once again, bringing the coin back up, and allowing it to breach the resistance at $12 for one final time.

For about a week, the coin was fluctuating between $12 and $13, until a new surge on March 12th allowed it to breach the resistance and hit the one at $14 once again in the next four days. This was on March 16th, when the coin started losing its bullish momentum once more, and it broke the minor support at $13.60. Fortunately, it was stopped by the one at $13.20. At the time of writing, the BTG price is at $13.31, after seeing minor growth of 0.44% in the last 24 hours.

Judging by its past performance, the coin is more likely to drop once again than to grow further, although a strong, lengthy bull run might bring it back to the investors’ attention.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.