The price of the leading cryptocurrency Bitcoin (BTC) seems to be ranging and trading near the $8,800 region for the third day in a row. As one BTC trader says, the new target for Bitcoin could be set in the $8,400 region and the cryptocurrency could trade even lower by next week.
The Bitcoin news now show that according to charts, the BTC/USD trading session between $8,700 and $8,800 on Tuesday morning has fallen to local lows of $8,630 in the past 24 hours. This is what made the BTC trader and analyst certain that the leading cryptocurrency can drop more and visit lower grounds.
Despite the volatility warning in recent days, Bitcoin (BTC) managed to remain lower as the week began and lost support at $9,000. Having exited the previous trading range, the cryptocurrency was laying the foundations of a further downside.
The BTC trader and analyst named Michael van de Poppe eyed the potential for Bitcoin to fall in the $8,400 region. On Twitter, he wrote:
“Could continue the ranging here. For bulls; break back above $9,050 required.”
Van de Poppe also added that the current price behaviour signified a tussle between the bull and bear forces over Bitcoin – and was something which was not repeating on the altcoin markets.
Speaking of which, the altcoin news today show that many altcoins are in the green – but not with significant gains. Among the leading ones are Cardano (ADA) which rose by 3.84% to a price of $0.044, Binance Coin (BNB) with a 1.94% increase and Bitcoin Cash (BCH) which is up by 1.21%.
With a mixed behaviour between Bitcoin and altcoins, this BTC trader and many other analysts are uncertain of the near future for cryptocurrencies like these. We can see that shifts of up to 5% have been constant over the past month and characterized the top twenty cryptocurrencies by market cap.
Meanwhile, Ether (ETH) which is the largest altcoin copied Bitcoin’s behaviour and is shedding 0.25% just to remain at its price of $186. The overall cryptocurrency market cap was $240.4 billion with Bitcoin’s share making up 66% of the total market cap.
The 24 hour trading volume is at $63 billion right now. Bitcoin makes up more than 20% of the volume and with its price below $8,800 is trading with a volume of $18 billion in the past 24 hours.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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