A short squeeze as a reason to decrease to $ 7,000?

04/26/2020 Business



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This weekend has been quite positive for the cryptocurrency market. All the top 10 coins have returned to green. Tezos (XTZ) has had the highest gains, increasing around 4% since yesterday.

Top 10 Coinstats Coins

The recent growth of Bitcoin (BTC) and other currencies has had a positive effect on the total market capitalization, which has increased by more than $ 10 billion since last week. Currently, it is at $ 215.3 billion.

Total market capitalization

Meanwhile, Bitcoin’s (BTC) market share has remained relatively unchanged from the previous week, with the current index at 63.4%.

BTC market share

Below are the relevant data for Bitcoin (BTC) and how it looks today:

  • Name: Bitcoin

  • Heart: BTC

  • Top of the market: $ 139,938,939,116

  • Price: $ 7,627.66

  • Volume (24H): $ 31,577,347,614

  • Change (24H): 1.39%

BTC / USD: Is it the right time to open short positions?

Our latest Bitcoin (BTC) price prediction has come true as the leading crypto continued to rise after squeezing to nearly $ 7,800. The growth in the course of the week has constituted 5.74%.

BTC / USD Chart by TradingView

Bitcoin (BTC) has confirmed short-term growth after 2 pumps at almost $ 7,740 and $ 7,800, respectively. This increase is accompanied by a high volume of trading.

Furthermore, the Moving Average Convergence / Divergence (MACD) has just entered the bullish territory, meaning the rising potential is not yet over. In summary, traders can expect an update from the recent high of $ 7,800 and possible growth towards $ 8,000.

BTC / USD Chart by TradingView

In case our first prediction comes true, the crucial $ 8,000 mark will be a resistance level that might not be easy to break immediately. Also, there is no liquidity in this area, as Bitcoin (BTC) is about to be overbought, which is based on the Relative Strength Index (RSI). In this regard, there is a high probability of a $ 8,000 drop to its first major support level at $ 7,760.

At the time of publication, Bitcoin (BTC) was trading at $ 7,666.

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