Bitcoin (BTC) Price Prediction — Rollback to $8,600 Before Move to $9,100

Price Predictions
Tue, 03/03/2020 - 13:57
Denys Serhiichuk

Can Bitcoin (BTC) bounce off the $8,800 level and strike $9,000?

Cover image via www.tradingview.com

After a consolidation period at the end of February, Bitcoin (BTC), as well as most other coins, has returned to its bullish cycle. All of the top 10 cryptocurrencies are in the green zone.

Top 10 coins by Coinstats

At the same time, the dominance rate of Bitcoin (BTC) is in a sideways trend and is currently at 63.3% on the index.

BTC dominance rate

The relevant data for Bitcoin is below.

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $160 737 892 064

  • Price: $8 807,62

  • Volume (24h): $42 007 527 985

  • Change (24h): 0.13%

The data is current at press time.

BTC/USD: Can the $9,000 resistance level be broken in the short term?

Bitcoin (BTC) failed to break the $9,000 resistance level in its first attempt. However, it has maintained positive price dynamics. 

BTC/USD chart by TradingView

On the hourly chart, the main crypto is facing a short correction after a drop from $8,900. The lines of the MACD indicator are going down, confirming an ongoing decline.

Related
Bitcoin (BTC) Price Might Soar to $9,800 If the Following Happens

In a more likely scenario, Bitcoin (BTC) is about to find support in the $8,650-$8,750 range. If bulls hold that level, traders can expect growth to $9,000 and above.

BTC/USD chart by TradingView

On the daily time frame, the last candle closed bullish, indicating long-term prospectives for buyers to reach beyond $9,000. Moreover, the trading volume is increasing, which is a positive signal. As a result, there are many reasons that Bitcoin (BTC) could attain the crucial $9,000 mark.

Bitcoin (BTC) is trading at $8,787 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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