For the cryptocurrency market, the first day of spring has started with the ongoing decline. However, there are some coins that are in the green zone — Bitcoin SV (BSV) and Bitcoin Cash (BCH) are two exceptions.
At the same time, the dominance of Bitcoin (BTC) has increased as most of the altcoins have dropped more than the leading crypto.
The Bitcoin data is looking the following way.
Market Cap: $158 824 216 073
Price: $8 704,63
Volume (24h): $$36 430 643 645
Change (24h): -0.81%
The data is relevant at the press time.
BTC/USD: Moving towards $8,500?
Bitcoin (BTC) is trading in line with our price forecast. The main cryptocurrency has lost more than $100 of its value since yesterday, and its decline is about to continue.
The falling channel that can be spotted on the hourly chart confirms our statement. The fact that the trading volume is low confirms the absence of buyers in the market.
In addition, the main line of the Bollinger Band indicator is going down. Hence, the predicted move to the $8,350-$8,250 range is about to occur shortly.
On the higher time frame, bullish sentiment is prevailing. The current level is considered to be the area of consolidation that will be followed by a fast move to the liquidity zone at $9,000-$9,200. If buyers keep Bitcoin (BTC) above $8,300, the level of $9,000 might be reached next week.
Bitcoin is trading at $8,564 at press time.
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