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

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    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
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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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