Bitcoin (BTC) Price Prediction: Expecting a Drop to $7,000 – U.Today

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It looks that the cryptocurrency market is preparing for a sharp move either up or down. The general picture has not changed much as Tezos (XTZ) remains the top gainer. The rate for the cryptocurrency has increased by 5.24% since yesterday.

Looking at the Bitfinex exchange, the number of long positions for Bitcoin USD (BTC/USD) has rapidly increased to 41,261 BTC, indicating confidence of some traders in the growth area.

Below is the relevant data for Bitcoin (BTC) and how it is looking at press time:

Looking at the 4H chart, the depletion of sellers is noticeable, which speaks in favor of short-term growth to the $7,336 level.

In order for a bullish reversal to occur, buyers need to fix the price above $7,870 (November 29th maximum). The previous attempt failed, in which the price dropped to a 2-week low of $7,072.

The opportunity for growth on the hourly and 4-hour charts is supported by the relative strength index (RSI) divergence and prices, as well as the 4-hour Moving Average Convergence/Divergence (MACD) histogram.

Looking at the daily chart, everything speaks in favor of sellers. If the bears gain a foothold below $7,087, then we can expect a retest of the $6,500 mark.

At press time, BTC is trading at $7,217.

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Bitcoin (BTC) Price Prediction: Expecting a Drop to $7,000 - U.Today