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Bitcoin (BTC) Price Prediction — $7,000 This Week?

Price Predictions
Wed, 03/25/2020 - 10:41
Denys Serhiichuk
Does Bitcoin (BTC) have enough power to reach $7,000 on its first attempt?
Cover image via www.tradingview.com

Neither bulls nor bears are controlling the situation on the cryptocurrency market at the moment. The main gainer on the top 10 list is Tezos (XTZ), the rate of which has risen by 2.79% since yesterday.

Top 10 coins by Coinstats

The current trend has positively affected the dominance rate of Bitcoin (BTC), which continues strengthening and currently amounts to 66.1%.

BTC’s market share

Relevant data for Bitcoin is below.

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $124 905 223 558

  • Price: $6,830.65

  • Volume (24h): $44 997 994 671

  • Change (24h): 2.58%

The data is relevant at press time.

BTC/USD: Surging above $7,000 soon?

Yesterday, buyers continued their attempts to break through the upper border of the blue corridor. They were able to break out of a single channel and gain a foothold in narrow consolidation at $7,026.

BTC/USD chart by TradingView

However, Bitcoin (BTC) received support at the level of average prices at $7,200, after which there is high probability of a deep pullback.

BTC/USD chart by TradingView

On the 4H chart, traders can expect a correction to the bottom level of the ascending channel. The short-term bearish mood is also confirmed by the bearish divergence on the RSI indicator.

Related
Binance CEO Explains Why Bitcoin (BTC) Price Can Easily Reach $100,000

Summing up, the rollback might be to the area of $6,400 which serves as a strong support zone. 

Bitcoin is trading at $6,924 at press time.

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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