Bitcoin price analysis: Make or break- Binance CEO BTC bull run will happen “sooner or later”

Bitcoin is currently stuck in a tight range with the upside limited below $6,300. On the other hand, the downside is weakly protected at $6,250. This drop commenced last week on Wednesday and continued through the weekend session. Likewise, the trading on Monday and Tuesday sent the price tumbling below $6,300.

Bitcoin currently has a market cap of $110 billion and a 24-hour trading volume of $4.32 billion. The exchange volume is steadily coming back up after it had dived below $4 billion. Its market capitalization has remained stable in range between $109 billion and $114 billion. It seems the altcoins are growing in value with Bitcoin dominance dropping to 52.8%. The markets total capitalization stands at $209 billion after a $3 billion drop from yesterday.

Meanwhile, Bitcoin is trading below the trendline resistance formed since last week Wednesday. The short-term simple moving average (50) is below the longer term 100 SMA while the gap between them is widening to show that the bears are still gaining ground. Bitcoin value is at $6,268 at the time of press and the trend is threatening the support at $6,250. The indicator signal on the chart are turning positive with the MACD making a comeback towards the positive side, although the RSI is heading south to define a sell signal, for now. Bitcoin price must protect the support at $6,200, otherwise it is risking slide to the support at $5,800.

Elsewhere in the market, the CEO of Binance, the largest crypto exchange Changpeng Zhao recently expressed his confident in the potential Bitcoin bull rally. He stated this while on an interview with CNBC:

“Even if I don’t know what will catalyze a Bitcoin bull run, I am certain it will happen… Sooner or later, something will trigger it.”

Zhao refrained from giving timelines for the expected bull run. He later emphasized his statement via Twitter saying:

“I will say it, once and for all. There will be a bull run, followed by a bear run, then bull, and bear, and bull, and bear, and bull… If you say it quickly, it becomes BNB. lol.”