Can traders expect a price blast of Bitcoin (BTC) soon?

Denys Serhiichuk U.Today

The bearish mood has come back to a certain extent, as some coins have entered the short-term downtrend phase.

Top 10 coins by CoinMarketCap

The high volatility of altcoins has affected the market share of Bitcoin (BTC), which has declined and is now at 61.1%.

BTC’s market share

The relevant data for Bitcoin is looking the following way:

Name: Bitcoin.
Ticker: BTC.
Market Cap: $724,958,642,114.
Price: $38,924.64.
Volume (24h): $66,972,543,648.
Change (24h): -3.53%.

The data is relevant at press time.

BTC/USD: Can bulls manage to set the new peak soon?

Even though the rate of Bitcoin (BTC) has fallen by around 4% since yesterday, the price change over the last week has accounted for +15.68%.

BTC/USD chart by TradingView

On the hourly chart, Bitcoin (BTC) is about to keep the correction wave going. In this case, a decline is possible to the area of the most liquidity around $37,600. At that point, buyers may try to seize the initiative.

BTC/USD chart by TradingView

On the daily time frame, Bitcoin (BTC) remains bullish despite today's drop as the rising channel has not been broken. If the leading crypo keeps trading at $38,000, there are chances of reaching $42,000 next week.

BTC/USD chart by TradingView

The weekly candle is about to absorb the previous ones, which means that bulls have also seized the initiative and are ready to conquer new peaks.

Respectively, Bitcoin (BTC) may get to the vital mark at $45,000 shortly if bulls keep pushing the rate higher.

Bitcoin is trading at $38,632 at press time.

Read full original article on U.Today

Author

Denys Serhiichuk

U.Today

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis.

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