It's all or nothing moment for BTC/USD bulls as the coin sits at $6,600; experts bet on Bitcoin's bullish breakthrough
BTC/USD is stuck in a strong resistance area.
Experts surveyed by Finder.com expect Bitcoin's growth towards $10,000 by the end of the year.
Bitcoin is changing hands at $6,600, marginally both on a day-on-day basis and since the beginning of Tuesday. The price of the digital coin No.1 has been trying to escape from a narrow range of the past 10 days, but the momentum is too weak to engineer a strong breakthrough.
What’s going on
Bitcoin has gained some ground on Monday; however, investors are still waiting for valid catalysts to take the price out of the range. While speculators are not happy with multi-months low volatility, long-term investors and blockchain enthusiasts believe that it is a good thing for the industry as it signals that the speculative bubble is over and the market is getting more mature.
“As we’ve stated many times, a stable price is great for adoption and great for the development of the network. So, we really are in a positive place for bitcoin right now,” Mati Greenspan, a senior market analyst at eToro, commented.
Naturally, 10-15% price swings hamper many cryptocurrency use cases. People are less likely to pay with Bitcoin or any other digital assets for their everyday purchases if they know that the price can change dramatically in a matter of minutes.
Meanwhile the majority of experts surveyed by Finder.com, Bitcoin will end the consolidation phase with the upside breakthrough. By the end of the year, one Bitcoin will go for $10,319, according to the average forecast of nine experts, which is over 60% higher from the current price.
Bitcoin’s technical picture
BTC/USD attempted to develop an upside momentum on Monday but retraced to $6,600 handle, which is considered a strong resistance, packed with important technical hurdles, including Fibo retracement 38.2% monthly, Fibo retracement 38.2% daily, DMA50, 1-hour high and a host of SMA levels. Basically, we need a sustainable push above $6,630 for the upside to gain traction. If this happens, the recovery may be extended towards DMA100 at $6,780 and to psychological $7,000.
On the downside, BTC/USD is supported by $6,550, enhanced by a confluence of MA levels including SMA50 4-hour and SMA200 1-hour chart. If it is cleared, the downside may be extended towards the vital support at $6,400.
Alan Zibluk Markethive Founding Member