Bitcoin (BTC) Price Prediction — Lack of Support Levels Could Push Crypto King to $8,200

Price Predictions
Sun, 03/01/2020 - 13:59
Denys Serhiichuk
Should Bitcoin (BTC) traders expect a bounce to $9,000 next week?
Cover image via www.tradingview.com

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.

Top 10 coins by Coinstats

At the same time, the dominance of Bitcoin (BTC) has increased as most of the altcoins have dropped more than the leading crypto.

BTC dominance rate

The Bitcoin data is looking the following way.

  • Name: Bitcoin

  • Ticker: BTC

  • 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.

BTC/USD chart by TradingView

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.

Related
BTC, BCH, XTZ, LINK Price Prediction - Can Market Rise as Fast as Before?

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. 

BTC/USD chart by TradingView

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.

Subscribe to U.Today on Twitter and get involved in all top daily crypto news, stories and price predictions!

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.

Top 10 Best Cloud Mining Sites in 2020
TOP 20 Best Bitcoin Trading Bots in 2020

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy