Bitcoin (BTC) Price Analysis — Enough Power to Retest $10,000?

Price Predictions
Wed, 05/13/2020 - 14:11
Denys Serhiichuk
Was the $10,000 level the local peak for Bitcoin (BTC)?
Cover image via www.tradingview.com

In the past few days, sellers have been trying to exert strong pressure on the cryptocurrency market. However, the strength of the bulls has not allowed the latter to seize leadership - in the short term, the bullish sentiment still dominates the market. However, today, Bitcoin (BTC) is feeling stronger than altcoins as the main crypto has come out of the consolidation phase.

Top 10 coins by Coinstats

The continued growth of the crypto market has affected its capitalization, which has risen by around $7 Bln over the past 24 hours. The current index amounts to $243.5 Bln.

Cryptocurrency market capitalization

The relevant data for Bitcoin is as follows.

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $166 049 511 357

  • Price: $9 035.99

  • Volume (24h): $42 629 698 272

  • Change (24h): 3.58%

The data is relevant at press time.

BTC/USD: Has the long-term bullish trend been established?

The chief crypto has continued rising since the halving. Bitcoin (BTC) has gained 3.21% over the past day, which is the biggest growth compared to the other top 10 coins.

BTC/USD chart by TradingView

On the hourly chart, Bitcoin (BTC) is trading within the rising channel to the nearest resistance at $9,400. Over the recent days, the coin has been consolidating for quite a long time in the range between $8,600-$9,100. This is enough to gain some 'fuel' and continue growing. Moreover, the Bollinger Bands indicator is going upward. If the rise continues, Bitcoin (BTC) will reach the resistance very soon.

BTC/USD chart by TradingView

On the bigger time frame, the positive scenario is still valid. The recent level of $10,000 was not the local peak as Bitcoin (BTC) has successfully bounced off the support at $8,500.

Related
Bitcoin (BTC) Price Heading for $10,000 as Main Uptrend Shows Strong Response

In addition, the bullish divergence has formed on the RSI indicator, confirming the bulls' potential. Summing up, we can expect a move to around $10,500 within the next few days, which corresponds to the resistance level.

Bitcoin is trading at $9,088 at press time.

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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.

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