Bitcoin (BTC) Price Analysis — Anticipating a Move Above $9,000

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On Saturday, November 2nd, the cryptocurrency market started on a positive note. According to CoinStats, the top 10 coins are in the green, with EOS (EOS) standing out from pack with a 3% increase since yesterday. The Bitcoin Dominance Index keeps decreasing, and currently makes up 67.25%. 

The world’s first cryptocurrency started the week on a negative note, losing 3.56% on Monday. This is noteworthy because on that day, Bitcoin (BTC) formed a long wick candle, suggesting an exhaustion of buyers. Below the relevant data at the time of publication:

  • Name: Bitcoin
  • Ticker: BTC
  • Market Cap: $167,678,090,915
  • Price: $9,302.27
  • Volume (24h): $22,578,968,379
  • Change (24h): 1.36%

BTC/USD: Showing False Growth Before a Drop

According to our recent forecast, BTC’s current growth is likely to continue up to $9,750.

Yesterday, BTC’s price continued its lateral movement, in which the attempts by buyers to a gain a foothold above the watch EMA 55 was successful. The bulls can go further to a support level of $9,400 if the volume increases. Otherwise, the bears will bring the rate back down to a support level of $9,000. 

Bitcoin Price Predicted to Go to $16,000

Respectively, the short-term scenario is bullish, and a mark at $9,400 might be touched until the end of the current weekends.

Looking at the bigger time frame, the picture is less optimistic. One may observe the declining highs, as well as a decrease in the trading volume. In addition, the MACD indicator is losing ground, forming an upcoming decline. In short, there will be a retest of the $9,000 mark next week.

At the time of publication, BTC was trading at $9,364.

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