Bitcoin (BTC) Price Analysis—Exploring Potential to Hit $9,400 Mark

Price Predictions
Fri, 07/17/2020 - 14:32
Denys Serhiichuk
Can the ongoing rise get Bitcoin (BTC) to $9,400?
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.

Bulls have seized the initiative in Friday's second half. All top 10 coins have returned to the green zone, even though the growth is not as sharp as it was before.

Top 10 coins by Coinstats

While Bitcoin (BTC) keeps trading between $9,000 and $9,500, its market share is declining as altcoins are more volatile than the leading crypto. The dominance index of BTC makes up 61.3% at the moment.

BTC’s market share

The relevant data for Bitcoin looks this way today:

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $168,797,027,896

  • Price: $9,156.25

  • Volume (24h): $14,616,547,209

  • Change (24h): 0.86%

The data is current as of press time.

BTC/USD: Is the current rise a correction of the fall or the start of a new bullish wave?

Bulls have shown strength in the area of $9,050-$9,100 and did not allow Bitcoin (BTC) to fall below the $9,000 mark. However, it is too early to consider a continued rise as buyers need to fix above $9,500 to even consider getting to $10,000.

BTC/USD chart by TradingView

On the hourly chart, Bitcoin (BTC) is bouncing off the support and has entered a short bullish wave. The rise is supported by an increasing trading volume, which means that there are fewer chances for a false breakout. All in all, the growth may continue to the zone of high liquidity at around $9,200-$9,250 until the end of the current week.

BTC/USD chart by TradingView

On the 4H time frame, neither bulls nor bears are dominating. The trading volume is not low, however, it is not enough for continued growth.

Related
PlanB Analyst Doubles Down on His $288,000 Bitcoin Price Prediction, Comparing BTC to Other Stores of Wealth

What's more, the great distance between the lines of the Bollinger Bands indicator suggests that sideways trading is a more likely scenario in the upcoming days. To sum up, traders may expect Bitcoin (BTC) to land in the zone of $9,100-$9,200 soon.

BTC/USD chart by TradingView

On the daily time frame, a bearish mood still prevails. Bulls cannot break the falling channel, and the trading volume remains at a lower level. For this reason, there is a high probability of seeing the leading crypto at the bottom area of the channel at $8,900 at the beginning of August.

Bitcoin is trading at $9,150 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.


Articles by author

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy

Cookie settings