Crypto market analysis: what to expect from Bitcoin?
Saturday started on a relatively positive note for the crypto market. Most currencies were green, except Bitcoin Cash (BCH) and Litecoin (LTC), in which rates fell 0.39% and 0.25%, respectively.
Meanwhile, Bitcoin (BTC) market share continues to decline, losing about 2% since the beginning of the week.
Below are the relevant data for Bitcoin (BTC) and how it looks today:
- Name: Bitcoin
- Ticker: BTC
- Market capitalization: $ 170,408,817,398
- Price: $ 9,246.43
- Volume (24H): $ 15,590,655,185
- Change (24H): 0.68%
BTC / USD: can traders expect sharp movements on weekends?
Bitcoin (BTC) had one of the least volatile weeks. The rate for the main cryptocurrency has remained relatively unchanged from the previous 7 days.
Looking at the hourly chart, Bitcoin (BTC) is slowly falling against a declining trading volume. The most likely scenario for the weekend is to trade sideways between the $ 9,150 and $ 9,250 yellow belt. It is unlikely that the currency will fall further, as there is no sales volume for this to occur and there is almost no liquidity below $ 9,000.
Looking at the longer period of time, bears are gaining momentum as they continue to push the rate. Thus, there is no resistance from buyers, as trading volume falls. This decline may continue to the $ 9,050 level, where most of the liquidity is located. This scenario could happen within the next few days.
Looking at the daily chart, the decline prevailed over growth, which was confirmed by the Bearish Relative Strength Index (RSI). The drop may be towards the $ 8,800 area, which is a far-flung retest that last occurred near the end of May, and bears may encounter obstacles to break away from it for the first time. In this particular case, the most likely scenario is a $ 8,800 zone recovery, followed by a continuation increase above $ 9,000 until the end of next week.