Price predictions 8/8 :BTC
On Tuesday, BTC bounced off the 50-day simple moving average ($112,619), indicating that the bulls are vigorously defending the level.
The relief rally is expected to face selling at the 20-day SMA ($116,804), which is sloping down. If that happens, the BTC/USDT pair could get squeezed between the moving averages for some time.
Buyers will gain the upper hand if they drive and maintain the price above the 20-day SMA. If they can pull it off, the pair could challenge the overhead resistance of $120,000 and then the all-time high of $123,218.
Conversely, a break below the 50-day SMA
$BTC’s weakness and the fall in most altcoins suggest receding speculative appetite. The analysts expect the cryptocurrency markets to enter a period of consolidation, but added that new macro triggers or increased inflows into crypto exchange-traded funds could decide the direction of the next move.
BTC’s near-term price action is not instilling confidence in some analysts, but Fundstrat co-founder and BitMine chairman Tom Lee remains bullish. While speaking on the Coin Stories podcast, Lee said BTC could surge to $200,000 or even $250,000 by the end of the year.
Could BTC break out of its tight range? Will altcoins follow BTC higher? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
On Tuesday, BTC bounced off the 50-day simple