Bitcoin (BTC) Price Analysis for 08/08

Price Predictions
Sat, 08/08/2020 - 16:08
Denys Serhiichuk
Is Bitcoin (BTC) going to face another correction or will bulls push the price to $12,000?
Bitcoin (BTC) Price Analysis for 08/08
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

The weekend started out in a relatively neutral setting; however, bearish sentiments have slightly prevailed over the bullish ones. Most of the Top 10 coins are in the red.

Top 10 coins by Coinstats
Top 10 Coins by Coinstats

The market share for the leading crypto has remained relatively unchanged since yesterday. The current dominance index for Bitcoin (BTC) makes up 60.2%.

BTC’s market share
BTC’s Market Share

Below is the relevant data for Bitcoin (BTC) and how it's looking today:

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $217,198,429,180

  • Price: $11,769.18

  • Volume (24H): $21,626,457,111

  • Change (24H): -0.10%

The data was relevant at press time.

BTC/USD: How Big are the Chances of Buyers Breaking $12,000 by mid-August?

The rate for the leading crypto has not been so volatile this week as it was last week. The price change from the last 7 days has constituted a +1.15% increase.

BTC/USD chart by TradingView
BTC/USD Chart by TradingView

Looking at the hourly chart, Bitcoin (BTC) is trading within the rising channel against low trading volume. On the other hand, the liquidity level is high enough, which means that there is a low probability of seeing a sharp move soon. The main crypto has bounced off the top of the channel, confirming the presence of the bears. In this particular case, traders may see Bitcoin (BTC) trading between the $11,600-$11,650 levels by the end of the week.

BTC/USD chart by TradingView
BTC/USD Chart by TradingView

Looking at the 4H chart, the growth stopped after a false breakout at the $12,000 mark. For the moment, Bitcoin (BTC) is likely to go down than up as the trading volume continues to decline.

Related Bitcoin (BTC) Price Analysis for July 28
Related
Bitcoin (BTC) Price Analysis for July 28

However, a possible decline could be considered as a part of a correction phase, but a not the start of a bearish trend. Only if the main crypto fixes below $9,500 will sellers seize on the initiative.

BTC/USD chart by TradingView
BTC/USD Chart by TradingView

According to the weekly chart, Bitcoin (BTC) confirmed the intention of a continued rise. The Moving Average Convergence/Divergence (MACD) is moving upwards, which means that the bulls are not going to stop the trend. If the trading volume and liquidity continues to move higher, then the chief crypto may target the $12,300 mark within the next few weeks.

At press time, Bitcoin was trading at $11,755.

 
About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.