Bitcoin (BTC) Price Analysis: Are Buyers Fixed for Profit or Getting Ready for $10,000?

Price Predictions
Sun, 05/31/2020 - 15:35
article image
Denys Serhiichuk
Is there hope for Bitcoin (BTC) to rise above $10,000 in June and remain relevant?
Bitcoin (BTC) Price Analysis: Are Buyers Fixed for Profit or Getting Ready for $10,000?
Cover image via www.tradingview.com

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.

Read U.TODAY on
Google News

The last weekend of May is finishing on a positive note for the cryptocurrency market. All of the coins from the Top 10 list are in the green, with Cardano (ADA) remaining the top gainer, having rocketed up by almost 18% in just the last 24 hours.

Top 10 coins by Coinstats
Top 10 Coins by Coinstats

With the altcoins maintaining their growth, the dominance rate for Bitcoin (BTC) has gone down slightly over the last month and is currently sitting at 64.3%. This is compared to BTC's dominance rate of 65.55%, which was at the beginning of the month.

BTC’s market share
BTC’s Market Share

Below is the relevant data for Bitcoin (BTC) and how it is looking today:

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $176,070,570,298

  • Price: $9,574.03

  • Volume (24H): $29,617,337,585

  • Change (24H): 0.74%

BTC/USD: Is Bitcoin Ready to Break the $10,000 Mark This Time?

Bitcoin (BTC) is about to finish May with a growth of 25% since the beginning of the month. In terms of weekly analysis, the chief cryptocurrency has added 4.73% to its value.

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

Looking at the hourly chart, Bitcoin (BTC) has shown little activity largely because the weekends, which act as days-off, usually result in a drop in price. Such a statement is supported by the declining trading volume. Even though the bullish trend is not yet finished, traders might expect a correction during the beginning of the new week to its nearest support level at $9,400.

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

According to the daily chart, Bitcoin (BTC) might retest the $8,500 level one more time before another attempt to conquer the $10,000 mark and fix above it. There is a high probability that such a scenario may come true as the buying trading volume continues to decline. There are also lowering heights, which confirms the weakness of the bulls. All in all, one needs to pay close attention to the $8,500 level.

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

Looking at the weekly time frame, the last candle is about to close below the previous one, which shows the lack of strength by the bulls to push the price higher. What is more, there was no consolidation period that allowed Bitcoin (BTC) to gain traction and start a bullish trend as it did in Spring 2019.

Related
Max Keiser Shares His Take on Why Bitcoin Is Trading Higher

In this case, one is unlikely to see a V-shape recovery. To sum it up, there is high probability of a sharp dump to the nearest vital area in June 2020, which is between $7,400-$7,500.

At press time, Bitcoin was trading at $9,582.

 
article image
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.

thecryptobuds