Bitcoin Top Price Prediction: After topping 50% dominance in the weekend, the $6,800 double-top is the next target for the bulls
- The price of Bitcoin is on the rise for the third and BTC dominance tops 50%.
- The BTC/USD faces a critical hurdle at $6,800 which could send the bears back to hiding.
- ETF speculation remains the dominant theme in Bitcoin trading.
The BTC/USD is trading just under $6,500, up over 2% on the day. This is the third consecutive day of advances for Bitcoin. The grandaddy of cryptocurrencies had a good weekend, and for a change, it was not accompanied by its peers. Altcoins such as Ethereum and Ripple remain under the cosh.
The latest price action pushed Bitcoin to surpass 50% of the total market capitalization of over 50% for the first time since December 2017. This chart from CoinMarketCap demonstrates the dominance:
In a three-letter word: ETF. The speculation about an Exchange Traded Fund is the primary driver of cryptocurrencies these days. An ETF would enable retail and institutional money to flow into digital coins. So far, requests have been rejected or more lately postponed, sending prices lower. However, the applications that do have higher chances of being approved focus solely on Bitcoin, not on any other cryptos.
There are additional reasons. See: 5 reasons why Bitcoin is crushing the Altcoin competition
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BTC/USD Technical Analysis - $6,800 the key
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The technical picture for the BTC/USD is still bearish, but bulls are beginning to lift their heads. The Relative Strength Index is moving up alongside the price. Momentum is still negative, and the cryptocurrency is still below the 50 and 200-day Simple Moving Averages.
The most important level is $6,800. The level capped the BTC/USD twice: in June and in July, thus making it a double-top. Further up, the 50-day SMA sits at around $6,900. The next level is $7,200 which initially supported the price in July and then held it down in August.
On the downside, we find the round level of $6,000 which was the low point in recent days. The 2018 low of $5,800 is next down the line.
More: Bitcoin ETF explained: 9 questions and answers about the critical crypto catalyst
Author
Yohay Elam
FXStreet
Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.
