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Bitcoin (BTC) Price Prediction — Re-test of $4,000 on the Horizon

Price Predictions
Mon, 03/16/2020 - 11:12
Denys Serhiichuk
Has the bearish mood for Bitcoin (BTC) become more powerful?
Cover image via www.tradingview.com

Even though the weekend was bullish for some coins, the new week has started bearish for all of the top 10 cryptocurrencies. The main loser has been Tezos (XTZ), losing 16.11% in the past 24 hours.

Top 10 coins by Coinstats

However, the relatively sideways trend has not positively influenced Bitcoin's (BTC) market share. Its index has remained almost unchanged over the past 7 days, currently amounting to 64%.

BTC’s market share

Relevant data for Bitcoin is below.

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $89 764 996 357

  • Price: $4,912.48

  • Volume (24h): $38 023 252 617

  • Change (24h): -6.91%

The data is relevant at press time.

BTC/USD: Failure to stay at $6,000

Yesterday, Bitcoin (BTC) tried to break $6,000. However, it failed, having closed the daily candle with a long wick. Over the last day, the leading crypto has lost 7.67% of its value.

BTC/USD chart by TradingView

On the hourly chart, Bitcoin is looking even more bearish after a failed attempt to attain $6,000. Based on the trading volume analysis, there are no active buyers and the rate is slowly approaching the $4,500 mark.

Related
Bitcoin (BTC) Price Fails to Rally Even After Fed's Massive Rate Cut

Also, this is confirmed by the MACD indicator lines, which are dropping.

BTC/USD chart by TradingView

On the bigger chart, Bitcoin (BTC) continues trading within the descending channel and the bearish mood has become more powerful with each bounce back. As mentioned above, the daily candle closed with a long wick, which is a very bearish signal. In this case, the long-term trend remains unchanged and traders can expect $4,000 as the nearest strong resistance zone.

Bitcoin is trading at $4,819 at press time.

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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