Bitcoin (BTC) has found favor in the sight of the bulls over the past couple of days, as the value of the coin was able to rise above its lows of last week, and it’s now trading well over the $6k mark. The digital currency has been doing quite well for some days now, and it’s now gunning for the $7k mark.
Bitcoin Price Today: Current Price of BTC
At the time of writing, Bitcoin (BTC) is changing hands at $6,501 after a decrease of 1.8 percent in the last 24 hours. The market cap of Bitcoin is $112.84 billion with a daily trading volume of $4.92 billion.
Bitcoin (BTC) Price Analysis
The 200-Day simple moving average is still above the 100-Day simple moving average, and this indicates that the path of least resistance is heading south. This means that the bears might takeover soon and continue the downward trend instead of a reversal.
The digital currency exceeded the dynamic inflection point of the 100-Day simple moving average to signal a bearish momentum but it’s still facing resistance at the 200-Day simple moving average. If this trend continues, then the value of the coin might decline below the $6k mark.
But if it holds, and the support at the $6,200 level prevents losses, then the value of the coin will surge higher and break the $6,800 mark to confirm an upward trend.
Bitcoin Price Prediction – Tom Lee
A Wall Street strategist – Tom Lee, has predicted that the value of Bitcoin (BTC) will hit the $20k mark by the end of this year, and this prediction is 20% less than his previous prediction which is $25k.
Tom Lee later said that he might have misspoken a little bit. But what he was trying to say was that considering the costs of mining, as well as the historical average mining costs of 2.5 times, that the value of Bitcoin (BTC) would slightly be over the $20k mark, roughly $22k.