Bitcoin Price Prediction: Is BTC still the Cryptocurrency Market Dominator?

• Bitcoin price prediction suggests that the cryptocurrency giant is struggling to keep up the pace as it trades at the yearly low.
• BTC crypto price has fallen below some interesting levels which could have provided the required support to the token.
• This bloodbath led the cryptocurrency market investors to think of the crypto’s existence in the near future.

Bitcoin price prediction suggests the token’s significant fall below the long term consolidation phase over the daily price chart. The market dominance of Bitcoin in the cryptocurrency market has dropped to 37.47%. Now, the cryptocurrency investors are facing some insecurities regarding their holdings in the cryptocurrency market. BTC coin price needs to maintain itself above $15000 to at least recover its lost dignity. However, investors in BTC are trying to prove their faith as BTC is still showing some hopes by remaining above the $15000 level. Meanwhile, BTC has witnessed the day’s range from $15790 to $16947 with a mild trading volume throughout the session.

Bitcoin price is currently approximated at $16755 and has gained 1.40% of its market capitalization in the last 24-hour period. Trading volume has increased by 58% during the intraday trading session. This demonstrates that buyers are trying to prevent the token from slipping below the $15000 crucial level.

Source: BTC/USD by TradingView

Bitcoin price needs to attract a significant amount of buyers throughout the day’s trading session to maintain the recovery state over the daily price chart. However, volume change can be seen below average and needs to grow for BTC to surge back towards the prior range. However, BTC has slipped below 20, 50, 100 and 200-days Daily Moving Average. Bulls need to figure a way out to recover the token towards the 20-EMA line and then further towards the remaining 50, 100 and 200-days Daily Moving Average lines.

Will Bitcoin Price Recover above $20000 Mark or it Slump towards $10000?

Source: BTC/USD by TradingView

Bitcoin price prediction suggests that the token is trying to recover as buyers are accumulating during the intraday trading session. However, the accumulation rate must be increased exponentially to let BTC rescue from the grip of bears. Technical indicators seem pretty divergent regarding the price action of BTC crypto.

Relative Strength Index showcases the upward trend of BTC. RSI is at 36 and is heading towards neutrality. MACD exhibits that BTC is still looking for reliable support to let the token pump from the lower levels.

Conclusion

Bitcoin price prediction suggests the token’s significant fall below the long term consolidation phase over the daily price chart. The market dominance of Bitcoin in the cryptocurrency market has dropped to 37.47%. Now, the cryptocurrency investors are facing some insecurities regarding their holdings in the cryptocurrency market. However, volume change can be seen below average and needs to grow for BTC to surge back towards the prior range. Technical indicators seem pretty divergent regarding the price action of BTC crypto.

Technical Levels

Support Levels: $15555 and $15000

Resistance Levels: $17000 and $17650

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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