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Bitcoin (BTC) Price Prediction — Bulls Are Showing Strong Resistance at $8,000

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  • Denys Serhiichuk
    📈 Price Predictions

    Is there any way the leading cryptocurrency can reach $8,000 in the next few days?

Bitcoin (BTC) Price Prediction — Bulls Are Showing Strong Resistance at $8,000
Cover image via www.123rf.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 remains in the bearish trend. The price of Bitcoin has reduced by almost 5% over the last week. Meanwhile, XRP is the only coin from the top 3, whose price is in the green zone and is showing a 6.49% rise compared to the previous week. 

Top 10 coins by Coinstats

Meanwhile, Bitcoin is about to face the so-called “death cross” - the intersection of the 50-day moving average (MA) with the MA 200. Last time this intersection occurred in March last year against a bearish market.

Name: Bitcoin

Ticker: BTC

Market Cap: $143,400,315,818

Price: $7,966.50

Volume (24h): $14,645,166,791

Change (24h): 0.40%

The data is relevant at the press time.

BTC/USD: High Chances to Touch $7,500 Before Growth Revival

Our earlier Bitcoin price prediction came true as the price plummeted to $8,000 and even lower.

BTC/USD chart by TradingView

On the 6H chart, one could notice a failed Double bottom reversal pattern. Thus, the leading cryptocurrency has been in the deep bearish trend since October 11. According to these factors, no trend change is going to happen soon. Moreover, buyers are not interested in buying BTC back from the current levels due to the declining trading volume index.

BTC/USD chart by TradingView

On the weekly timeframe, it is clear that Bitcoin has recently tested the MA 100 more than once. All this suggests that seller pressure is still very strong. 

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Consequently, the price may soon be at the 100-week MA ($7,755), and after that it may head for the $7,430 level, which corresponds to the marks of early June.

At press time, Bitcoin is trading at $7,943.

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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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Ripple Once Again Tries to Toss Class-Action Lawsuit, Insists XRP Is Not a Security

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  • Alex Dovbnya
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    Ripple makes a final push to dismiss the damning class-action lawsuit ahead of a court hearing that is scheduled for January 2020

Ripple Once Again Tries to Toss Class-Action Lawsuit, Insists XRP Is Not a Security
Cover image via 123rf.com

Ripple has once once again asked a federal court to dismiss the pending class-action lawsuit over selling illegal securities, a new court filing shows.

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The company reiterates the same "statue of repose" argument, which means that the plaintiffs failed to meet a legal deadline for filing the suit. Ripple started selling XRP to retail investors back in 2013, which means that it was way too late to bring legal actions against it back in summer 2018 after a bar to a lawsuit was imposed in 2016.    

The blockchain behemoth also continues to insist that XRP is not a security, but it called this issue "irrelevant" to their latest motion, which is why it didn't address this point in-depth. It's not the first time that Ripple tries to dodge the big question that is the cornerstone of the long-lasting legal battle. 

"XRP is not a security, but that is irrelevant for purposes of this motion. Even if XRP were a security, Plaintiff's claims still fail as a matter of law,” the filing said.   

Ripple's previous attempt to throw the suit out of the court didn't bode well. As reported by U.Today, Bradley Sostack, the leading plaintiff in the ongoing case, believes that the defendants are still liable for selling illegal securities. The parties are expected to duke it out in court in January 2020.  

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Ripple CEO Brad Garlinghouse: 99 Percent of All Crypto Goes to Zero

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XRP's status as a security remains a point of contention within the cryptocurrency industry. Crypto influencer BitLord recently slammed Ripple for dumping their native tokens on investors to acquire businesses.    

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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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