- Bitcoin price prediction is now in calm mode after the BitMEX fiasco
- BTC/USD currently holding above $10,500 despite the descending trendline
- Bitcoin bulls showed resilience to Trump’s COVID-19 positive report
- Low volumes during the weekend are signalling towards calmer BTC/USD movements
Bitcoin price prediction – Current price overview
BTC/USD pair opened at $10,553 and has traded in a narrow range. It touched a high of $10,605 only to revert back to trade within the day’s range. The bulls well handled a low of $10,538. Thin weekend liquidity means the price won’t make any abrupt moves.
Bitcoin price prediction was pretty straightforward until the crypto market was struck by the BitMEX fiasco. As global financial markets tumbled in unison, BTC/USD pair touched a low of $10,400. As the dust settled, Bitcoin price recovered to hold above $10,500, thereby giving an intent that bulls have strong support lined underneath.
As the news of US President testing positive for COVID-19 went viral, the markets were in for another round of sell-off. Interestingly, Bitcoin handled the news well and maintained its position above $10,500. Safe-haven gold picked up the pace and touched a high of $1,900.
Uncertainty still hangs over the news of US President Donald Trump’s COVID-19 positive report. He has been admitted to Walter Reed National Military Center and his health updates will impact Bitcoin price prediction.
Bitcoin price movement in the last 4-hours – Steady, Calm and Bullish
The 4-hour BTC/USD chart shows that the recent BitMEX-induced crash has built a bearish double top pattern. The rejection of price from the $10,900 mark validated the bearish sell-off. Panic was already set up in the market as earlier; the price was rejected twice from the $11,000 level.
As the crisis unfolded, the Bitcoin price found no refuge in the 50 and 200-day ‘Exponential Moving Average.’ The tanking price quickly eroded $18 billion worth of coins and breached the $10,400 level. However, the 0.236 Fibonacci level standing at $10,383 saved the day for the bulls and put an end to the crash. Bulls took charge to stabilize the price above $10,450, and the selling pressure gradually subdued.
Weekly charts show strong support at the $10,180 level, where the 0.618 Fibonacci level stands strong. It will be an interesting region for the bulls to take matters into their own hands. Another crucial support for the bulls will be around the unfilled CME gap between $9,900 to $9,625.
BTC/USD 4-hour chart – Slowly rising to touch $11,000 resistance
Sideways action is emanating a sense of calm in Bitcoin price prediction. Devoid of any panic news, the bulls are making the most of this opportunity to consolidate above $10,500 price level. The ‘Relative Strength Indicator’ indicates the end of the tumultuous period. The MACD indicator is smooth and seems in no hurry to undertake any untoward movement on either side.
The descending trendline shows that Bitcoin can begin its upwards journey to touch 50-day SMA at $11,010. However, BTC/USD pair must cross $10,850 resistance to attract more bullish investors. Earlier, 1.2 million Bitcoins were bought by 1.8 million buyers in this range. MACD is showing signs of reversal as selling volume rises gradually.
The intense selling pressure in this region is sufficient to absorb any abrupt bullish buying, which can increase Bitcoin price. In case bulls turn the $10,850 range into a support level, a daily close above $11,000 is very much possible thereby giving Bitcoin price prediction a bullish stance.
Bitcoin bears running wild and ready for the rampage
Even as the crypto king holds above crucial support at $10,500, any negative news can disrupt the fragile market. Traditional stock markets and other altcoins are in free fall. If the broader markets continue to face the heat, Bitcoin price will likely be affected as well. However, if BTC’s returns in the COVID-19 era are any hint, then it can very well emerge as an alternate safe-haven asset.
Bitcoin is facing severe selling pressure on the hourly timeframes, as thin liquidity over the weekend can threaten the fragile bullish patterns emanating in Bitcoin price prediction. Currently, BTC sits comfortably above the 100-day SMA.
Bulls have to keep the momentum going to start another rally upwards soon, or the bears will spiral the price down towards $10,400. Technical indicators show that Bitcoin investors are on edge, and a negative news can trigger panic resulting in unusual selling.
Bitcoin price prediction – Bitcoin calmly chugs along to post lower highs
Bitcoin price prediction is turning bullish as BTC/USD paints higher lows on the hourly charts. The price is getting compressed in a narrow range, which is a sign of an impending breakout. Currently, the trader’s sentiment is looking increasingly optimistic, but there isn’t enough volume to kickstart the next bullish rally.
Bitcoin price prediction has been rangebound in the past week, looking for signs to break out of the symmetrical triangle. This year, a similar chart pattern was broken with a strong bullish wave, which took the price above $12,400. So, the world has its eyes on cryptocurrencies to save the day when traditional finance falls flat. Here’s how the scientific community views cryptocurrencies and blockchain as a saviour for the tech industry.
Bulls have repeatedly demonstrated that they can hold above the $10,500 level. In the event of a breakout, traders must quickly build volume-based momentum to push the price past $11,400 to break apart any subsequent overhead resistance.
Disclaimer – The information provided is not a trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.