Bitcoin (BTC) Price Analysis—Are Bulls Ready to Conquer $9,500 After a Bounce off $9,150?

Price Predictions
Mon, 07/13/2020 - 13:58
Denys Serhiichuk
Can Bitcoin (BTC) show a price blast this week?
Bitcoin (BTC) Price Analysis—Are Bulls Ready to Conquer $9,500 After a Bounce off $9,150?

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Cover image via www.tradingview.com

Even though the cryptocurrency market is in the green zone, the growth does not apply to all coins in the top 10 list. Importantly, Bitcoin Cash (BCH) has lost 0.13% over the past day.

Top 10 coins by Coinstats
Top 10 coins by Coinstats

In terms of the mood of the institutional players, they have increasingly taken long positions, according to the most recent report of July 7.

Traders report of July 7 by CFTC
Traders report of July 7 by CFTC

The relevant Bitcoin data is stacking up this way:

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $171,255,794,423

  • Price: $9,291.35

  • Volume (24h): $16,738,630,885

  • Change (24h): 0.60%

The data is current as of press time.

BTC/USD: Is there enough fuel to reach $9,400?

Yesterday morning, the price of Bitcoin (BTC) indicated a local minimum of $9,053 but rebounded to ​$9,150. During the day, the pair recovered and, by the end of the day, reached the average price level, which slowed growth.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

In the Asian session, it was not possible to significantly increase the volume of purchases, but buyers were able to overcome the two-hour EMA55 and test the resistance of $9,300. In the near future, this level of resistance might keep the pair in short-term consolidation. The lower limit of this range may be the level of the two-hour EMA55. If the activity of market participants remains at a low level, then the pair will stay flat on the POC indicator line until the end of the week.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the 4H chart, buyers did not allow Bitcoin (BTC) to retest at the $9,000 level of the weekend. The ongoing rise is accompanied by a moderate trading volume, which means that the asset still has growth potential. In addition, there is a bullish divergence on the RSI indicator that is also a positive signal for buyers. If Bitcoin (BTC) keeps following this scenario, local resistance at $9,415 will be attained shortly.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

According to the daily time frame, ongoing growth might last until the leading crypto reaches the yellow range of $9,450-$9,550 as there is not enough volume for a further rise. Moreover, there is a large concentration of liquidity in that area. That is why sideways trading is the more likely option for the current week.

Bitcoin is trading at $9,304 at press time.

 
About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.