Bitcoin (BTC) Price Analysis — Price Surged from $8,500. Are We Out of Correction Territory?

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  • Who is going to seize on the initiative in this short-term scenario - the bears or the bulls?

Bitcoin (BTC) Price Analysis — Price Surged from $8,500. Are We Out of Correction Territory?

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 cryptocurrency market failed to jump-start its expected recovery. With Bitcoin (BTC) continuing its downfall (touching $8,500 on some exchanges), the altcoins have not reacted to its price movements in the same manner. Most of them are located in the green except for Ethereum (ETH), whose rate has dropped by 0.42% in the last 24 hours.

Top 10 coins by Coinstats

Below is the relevant data for BTC at publication time:

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $156,761,837,999

  • Price: $8,685.44

  • Volume (24H): $20,106,388,607

  • Change (24H): 0.54%

BTC/USD: Is $8,500 the Last Support Level Before an Upswing?

Today, BTC attempted a dramatic breakthrough in the trading corridor, reaching the $8,800 mark in a matter of minutes. However, pressure from sellers rejected the possibility that BTC would push upwards to the $9,000 mark. Within 30 minutes, BTC returned to the $8,600 mark, diminishing all hopes for a swift bullish upswing.

BTC/USD chart by TradingView

A local bullish wedge has been formed on the 4H chart. Pay special attention to the declining selling trading volume. This usually means that the local bearish trend may start soon. In short, traders may shortly expect a rise in price to the closest resistance level at $8,800.

BTC/USD chart by TradingView

Looking at the bigger picture, the bears still prevails over the bulls. This is confirmed by the 100-Day moving average (MA), which is about to cross 200-Day MA in a few days. This cross is an even more bearish scenario in comparison to the so-called death cross, where the 50-Day MA crosses the 200-Day MA. 

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When this happens, BTC might maintain a price of $8,000 until the end the year.

At the time of publication, BTC was trading at $8,667.

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 make 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.