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.
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.
Relevant data for Bitcoin is below.
Market Cap: $166,534,056,284
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%.
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.
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.
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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