Bitcoin (BTC) Price Analysis: Worries of Dropping Below $9,000 Are More Obvious

Price Predictions
Sat, 07/04/2020 - 14:45
Denys Serhiichuk
Can the bears push the price of Bitcoin (BTC) below $9,000 over the weekend?
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.

Nothing crucial has changed within the cryptocurrency market since yesterday. Bitcoin (BTC) remains in relatively the same position, while altcoins are moving upwards. However, the rise does not apply to all of them. This mostly applies to Ethereum (ETH), which has lost 0.40% since yesterday.

Top 10 Coins by Coinstats

While the majority of coins continue trading sideways, the overall market capitalization has decreased by about $2B over the 24 hours. The current index sits at $257.3B.

Market Capitalization

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

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $166,948,147,028

  • Price: $9,062.06

  • Volume (24H): $12,960,718,101

  • Change (24H): -0.09%

BTC/USD: Can Bulls Withstand Bears' Pressure and Keep Bitcoin Above $9,000?

The start of weekend continues with Bitcoin's sideways trend. Over the last 24 hours, the price change has gone down -0.3%, while the price dropped -1.17% from the previous week.

BTC/USD Chart by TradingView

Looking at the hourly chart, Bitcoin (BTC) has been trading in the $9,100-$9,150 range. However, the bears are considered to have gained more strength than bulls as the coin is inching closer to the $9,000 mark. From another perspective, a continuing decline is unlikely to occur as the trading volume is already at its minimum levels. In this particular case, one might expect a bounce from $9,000, followed by a continued rise to the $9,250 mark.

BTC/USD Chart by TradingView

Looking at the daily time frame, the situation looks similar as sellers are approaching the $8,500 - the breaking point for the ongoing growth. The Moving Average Convergence/Divergence (MACD) is already located in the red, which confirms the bearish sentiments. To sum it, there is a high probability of a $8,700 retest if the bulls cannot maintain the $9,000 mark.

BTC/USD Chart by TradingView

According to the weekly chart, Bitcoin (BTC) is about to finish up in a wedge pattern formation. It is the figure of the continuing trend, which means that the price of the leading crypto is likely to go up. If that scenario comes true, then the closest resistance level is $10,500 which the bulls may attain by the end of summer.

At press time, Bitcoin was trading at $9,072.

 

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.


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