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Bitcoin (BTC) Price Analysis - Bears Possibly Approaching the $7,000 Mark?

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  • Denys Serhiichuk
    📈 Price Predictions

    Is there any hope for the bulls to seize on the initiative with a short-term scenario?

Bitcoin (BTC) Price Analysis - Bears Possibly Approaching the $7,000 Mark?
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 cryptocurrency market has continued its decline. Bitcoin (BTC) has been unable to gain a foothold over the level of resistance, and at the moment, there is the potential for a developing downward movement. Binance Coin (BNB) has also had a 6.48% price drop, the biggest since yesterday.

Top 10 coins by Coinstats

BTC could not maintain its price above the $8,000 level, resulting in a four-week low. Below is the relevant data at press time:

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $143,581,280,183

  • Price: $7,950.41

  • Volume (24H): $19,288,505,107

  • Change (24H): -2.57%

BTC/USD: Could the Previous Bottom at $7,500 be Updated?

Yesterday, BTC tried to fix its price above the $8,200 mark but failed. As a result, there has been an increasing downward movement.

BTC/USD chart by TradingView

Looking at the 1H chart, the indicators are predicting a bounce back to $8,000 soon. The relative strength index (RSI) touched the 20 mark, confirming an exhaustion of bears to push the price deeper in a short-term scenario. Respectively, this prediction could occur through the end of the current week. However, it is likely to be a correction after the decline rather than the start of a bullish trend.

BTC/USD chart by TradingView

At the moment, quotes were able to break through the support area. The next crucial area is located at the $7,670 mark. The price also broke through the lower border of the Bollinger Bands, indicating pressure from sellers. Confirmation of a price increase will be strong growth and the breakdown of the $9,800 level.

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However, there is every chance that we will see a continuation of the downward movement to its first target at $6,875. The breakdown of the ascending trend line on the RSI indicator is in favor of this movement - such a signal indicates the potential for updating a local minimum.

At press time, BTC is trading at $7,872.

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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.

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Bitcoin Price Predicted to "Rocket Up." $7,400 Level Reclaimed by Bulls

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  • Alex Dovbnya
    📰 News

    The Bitcoin price could soon touch $7,800 if bulls persist, but this move could be a short-lived one

Bitcoin Price Predicted to "Rocket Up." $7,400 Level Reclaimed by Bulls
Cover image via u.today

Popular crypto trader Wendy O recently predicted that the price of Bitcoin would "rocket up" if it managed to surge above the $7,400 level. 

Bitcoin Price
image by @CryptoWendyO

Shortly after that, the BTC price did rise above the aforementioned level, currently sitting at $7,444, according to CoinStats data

Bitcoin Price
image by coinstats.app

If the aforementioned forecast turns out to be accurate, Bitcoin traders could soon see another fakeout, which would be similar to the one that took place on Dec. 4. As reported by U.Today, BTC printed a massive green candle in less than a minute, but this unexpected pump quickly evaporated.     

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Earlier today, multiple traders predicted that Bitcoin was about to make a big move in either direction, but $7,800 seems to be the main area of interest for them. The leading cryptocurrency hasn't touch this level since Nov. 30. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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