Bitcoin (BTC) Price Prediction: Short selling causes price to slide to $7,000
How long will the BTC price escalation last? - quoted Mr. Denys Serhiichuk
The crypto market is receiving a bullish signal this past week as all top 10 coins have seen some escalation, with Tezos (XTZ) topping out with a roughly 4% gain from today. via.
And that has brought the total market capitalization to more than $10 billion since last week.
What is surprising is that Bitcoin (BTC) still holds 63.4% of the market.
See more: Bitcoin Pushes Price Near $7750 As Weekend Closes Close
Where do you think the price of bitcoin will fall? Please follow primexbt blog for more details, In recent trading sessions, the market had significant bullish candles right after the Fed meeting. The fact that the suppressed psychology is released makes the market always react like that. Most investors also only spread word of mouth about the impact of interest rate increases, through media effects. Few of them understand how interest rates work. Therefore, every time interest rates are announced, they will see "nothing changes" right after the announcement, the fear of waiting disappears and replaced by an adaptive mood.
BTC Analysis
As a risk asset, BTC in particular and coins in general are always sold at the top of the table in the bear market. Bitcoin has had 3 months of April, 5, and 6 full of disasters with consecutive drops. In July, we only had one stop with a rather weak green candle. It should be remembered that BTC usually reacts a bit later than the stock market, it is a risky market so people usually only trade strongly when things are clearer. However, when summarizing the total range, BTC is rarely lower than other markets, its vitality is very intense.
BTC/USD: Is it time to open a short?
We were right in Bitcoin (BTC) price as it continued to climb after being forced down near $7,800, exploding at a rate of 5.74% on the week.
Bitcoin (BTC) had a short-term rise after two price pumps near $7,740 and $7,800. This also caused many sales to take place.
Furthermore, the Moving Average Convergence Divergence (MACD) index has also entered bull territory. This means that the escalation is not over yet. Overall, traders can expect a new price rally to $7,800 even to $8,000.
If the experts of primexbt exchange are right, the key $8,000 mark will be an immediate resistance that is hard to break. Furthermore, the Relative Strength Index (RSI) shows that the area is illiquid as Bitcoin (BTC) is about to be overbought. And a slide is likely from the $8,000 level to the first key support at $7,760.
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