Bitcoin (BTC) Price Prediction — Enough Effort to Break $9,500 Resistance?

Price Predictions
Sat, 03/07/2020 - 14:16
Denys Serhiichuk
Can bulls manage to get Bitcoin (BTC) to $9,500 next week?
Cover image via www.tradingview.com

The cryptocurrency market has mostly been red on the first day of the weekend. The only exceptions are Ethereum (ETH) and Tezos (XTZ), which remain dominated by bulls.

Top 10 coins by Coinstats

In terms of the dominance rate of Bitcoin (BTC), its value has fallen over the past week and is currently at 63.1% on the index.

BTC’s dominance rate

Relevant data for Bitcoin is below.

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $166,534,056,284

  • Price: $9,121.19

  • Volume (24h): $36,034,197,029

  • Change (24h): 0.05%

BTC/USD: Expecting a rocket to $9,400 next week?

Yesterday's price forecast is still relevant as the main crypto needs a correction before it moves to $9,400. Growth over the past week has amounted to 5%.

BTC/USD chart by TradingView

On the hourly chart, Bitcoin (BTC) is stuck within the rising channel. From a technical perspective, there is a chance of a short-term downward movement to the nearest liquidity zone of $8,900-$9,000. Moreover, based on volume analysis, bears will prevail over bulls.

BTC/USD chart by TradingView

On a daily time frame, Bitcoin (BTC) is likely to break out from its correction period. This is confirmed by the MACD indicator, which is about to switch to a bullish mood.

Related
Bitcoin (BTC) Price to Surge after Breaking $9,500: Trader

Also, the coin has bounced off the support line, which is a bullish signal. If buyers can hold current levels, they will reach the crucial $9,500 resistance level by the end of March 2020.

Bitcoin is trading at $9,101 at press time.

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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 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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