Return to $7,000 After Failing to Close the Gap

Denys Serhiichuk

Have the bulls already lost the will to push Bitcoin (BTC) towards $7,500?

The cryptocurrency market is trying to hold onto yesterday’s growth. The top 10 coins succeeded in that all of them are in the green.

Top 10 coins by Coinstats

With the altcoins showing better price dynamics than Bitcoin (BTC), these have affected the market share of the largest cryptocurrency, which is below 64%.

BTC’s market share

Below is the relevant data for how Bitcoin is looking today:

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $132,344,281,551

  • Price: $7,218.65

  • Volume (24H): $33,573,801,305

  • Change (24H): 0.80%

BTC/USD: Fueled to Conquer $7,500

Our last Bitcoin (BTC) price prediction has come true as the main crypto showed a sharp rise close to $7,300. The price of the coin has also remained unchanged since yesterday.

BTC/USD chart by TradingView

Looking at the hourly time frame, Bitcoin (BTC) is facing a short rollback after a yesterday’s rise. The need for a correction is also supported by a decline in trading volume and the Bollinger Bands. In this regard, traders might expect a decline to around $7,000, followed by continued growth. If the main crypto fixes below $7,000, then the growth scenario will be cancelled.

BTC/USD chart by TradingView

Looking at the bigger chart, the nearest resistance level is $8,000. Based on the current strength of Bitcoin (BTC), the price is unlikely to get to that level quickly.

What is more, a Triangle pattern has been formed, which is usually a bearish sign. The upcoming drop is also accompanied by a decreasing trading volume, which confirms that the buyers are running out of options. Respectively, the closest support level is around $6,500, which might be achieved next week.

At press time, Bitcoin was trading at $7,152.

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