As of this writing, Bitcoin is down 7.14% on the day, down 20.91% on the week and down 4.33% on the month.
The cryptocurrency is also down a whopping 54.32% on the year. So, is Bitcoin going up or down today? And what about tomorrow? Or next week?.
The simple answer is that no one knows for sure. However, there are a few things we can look at to get a better idea of where the market might be headed in the short-term.
First, let’s take a look at the weekly chart for BTC/USD. We can see that the market has been in a clear downtrend since peaking above $19,000 back in December 2017.
The market has found some support around $6,000, but has been unable to break out above $8,000 resistance.
NOTE: This question is impossible to answer definitively. The price of Bitcoin is extremely volatile, and it is impossible to predict whether it will go up or down on any given day. As such, any speculation on the direction of Bitcoin’s price should be approached with caution, as it is entirely possible that the price could move in the opposite direction to that which was predicted.
The daily chart doesn’t provide much more clarity. We can see that BTC is currently trading just below the $7,000 level, which has been both support and resistance over the past few weeks.
The market does appear to be consolidating here though, so a breakout in either direction could be coming soon.
The 4-hour chart looks like BTC could be headed for a move lower in the near-term. The market has failed to break out above resistance around $7,400 and is currently trading below the 50 and 100 moving averages (MA).
If support around $6,800 breaks, we could see BTC head back towards $6,000 levels.
So, where is Bitcoin going next? It’s really anyone’s guess at this point. However, the technicals do suggest that further downside could be in store for BTC in the short-term before any meaningful rebound takes place.
9 Related Question Answers Found
It’s been a rollercoaster ride for Bitcoin investors in recent months, with the cryptocurrency’s price swinging wildly up and down. So, what’s next for Bitcoin? Will it continue to rise or are we due for a correction?
When it comes to Bitcoin, there are generally two schools of thought – those who believe that the cryptocurrency is a revolutionary new asset, and those who think it’s a bubble that’s about to burst. However, there are also those who believe that Bitcoin is both – a revolutionary asset with the potential to change the financial world as we know it, but one that is also in a bubble that could pop at any time. So, is Bitcoin going to crash?
Bitcoin is a cryptocurrency, a form of electronic cash. It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain.
When it comes to Bitcoin, we’re in the midst of a price bubble. The digital currency has seen its value increase by more than 1,000% since the start of 2017, and shows no signs of slowing down. This has led to many people asking whether or not a Bitcoin bubble is about to burst.
It’s been a rollercoaster ride for Bitcoin investors over the past few years. The digital currency surged to nearly $20,000 in December 2017 before plunging more than 80% over the next 12 months. It then rebounded in 2019, but has once again lost ground in 2020.
Bitcoin has been in the news a lot recently. Some people think it’s a great investment, while others think it’s a bubble that’s about to burst. So, is bitcoin falling?
When it comes to Bitcoin, there is a lot of speculation about whether or not the world’s first and most popular cryptocurrency will crash. While no one can say for sure what the future holds, there are a number of factors that suggest that a Bitcoin crash is unlikely. First and foremost, it’s important to understand that Bitcoin is still a relatively new technology.
When it comes to Bitcoin, there is no doubt that it has had its fair share of UPS and downs. In fact, there have been a few times where it has come close to crashing. However, the question remains, will Bitcoin ever crash again?
When it comes to Bitcoin, we’ve seen it all before. The volatile cryptocurrency has had its fair share of UPS and downs, with investors never quite knowing what’s going to happen next. Just when you think the price is stabilising, it can suddenly drop by hundreds of dollars overnight.
