Bitcoin Races Towards $9,700 – Alert About BTC’s Price In The Short Term

bitcoin 4629565 1280 1024x768 - Bitcoin Races Towards $9,700 - Alert About BTC's Price In The Short Term

After a downside trend that did not last that long, Bitcoin started racing the other day once again, making crypto enthusiasts excited.

Despite the huge volatility that we’re dealing with in the crypto market, the optimistic predictions are here to stay. But not all analysts have only positive forecasts.

BTC price alert in the short term – retracting at $8,500

There’s a popular crypto analyst who is sending out an alert about the price of the most important crypto in the space in the short term.

The strategist and technical trader known as Mac is mentioned by the online publication the Daily Hodl, and he says BTC will likely hit resistance at about $9,800. This is an area it last touched in November of last year.

https://twitter.com/MacnBTC/status/1224078462778007553

After that, he is reportedly expecting BTC to retrace to around $8,500, filling a CME futures gap.

“BTC is gonna dump hard this week, and over $100M in longs will get wiped. Don’t say I didn’t warn you.”

CME gaps are created during the weekends, and this is because, during these days, CME trading stops, and Bitcoin trading continues around the clock.

Also, on Mondays, when CME trading resumes, the price of BTC on CME has to jump in roder to match BTC’s most current price.

https://twitter.com/MacnBTC/status/1224874509628473345

Price gaps are filled 95% of the time

There’s a recent study made by the crypto research company Market Science that found that the price gaps are usually filled 95% of the time.

If BTC can close above that “magic” number, he says there won’t be any strong resistance keeping BTC from surging to $10,000.

“BTC erasing the last three days of loss with one candle. The magic number is to still get above the $9,550s, with a close above there, the price would likely continue upward as there isn’t a lot of resistance before $10k.”

At the moment of writing this article, BTC is trading in the green and the coin is priced at $9,660.89.


Companies Mentioned

CoinMarketCap
CoinMarketCap

CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.

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Eduard Watson Author

An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.

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