Bitcoin (BTC) Price Analysis for 08/06

Can bulls get Bitcoin (BTC) to $12,000 or will bears seize the initiative?

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Most of the cryptocurrencies keep rising. However, the growth is not as fast as it was before. Bitcoin (BTC) is the fastest growing coin in the Top 10 list over the past 24 hours.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

Although Bitcoin (BTC) is rising faster than most of the altcoins, its dominance rate has decreased by 1% over the last week and currently makes up 61.1% of the market.

BTC’s market share
BTC’s market share

The relevant Bitcoin data for today:

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $216,895,013,986

  • Price: $11,754.02

  • Volume (24h): $24,914,675,653

  • Change (24h): 3.35%

The data is relevant at press time.

BTC/USD: Can the $12,000 mark be attained this week?

Yesterday, buyers resumed attempts to recover the Bitcoin (BTC) price and broke through the 50% Fibo resistance ($11,394). During the day, growth was supported by above average trading volume, but late at night, volume started to decline and growth stopped at around $11,800.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

In the morning, the price pulled back and is currently holding in the area of ​​$11,650. We believe that the pullback is not over yet, and the pair may find weak support at $11,500. If one of these levels stops the decline, then soon growth may continue to a new annual high, and Bitcoin (BTC) will test the $12,300 mark.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the 4H chart, the quotes are squeezed within the diamond model. This structure can be a pattern of both a reversal and a trend continuation. Here traders might also observe the proximity of the support line on the RSI indicator, a rebound that may trigger the development of a new growth wave.

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Therefore, one should not exclude a breakdown of the model upward and active growth. This idea will be confirmed by the breakdown of the upper border of the model with price fixing above the $11,565 level. In this case, Bitcoin can safely consider reaching the $13,045 mark in the near future. Cancellation of a positive forecast for buyers will mean a breakdown of the lower boundary of the model with price fixing below $10,775.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the daily chart, Bitcoin (BTC) was able to break through important resistance, which indicates strong pressure from buyers as well as the market's reluctance to correct and move exclusively upwards. Now an important area of support is located at $10,240; a decline to that level may again provoke a rebound upward and continuation of the rise. The target of growth in this case is the $13,865 level. An additional signal in favor of this movement will be a rebound from the support line on the RSI indicator.

Bitcoin is trading at $11,718 at press time.

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Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at [email protected]