Bitcoin (BTC) Price Analysis for 09/02

Price Predictions
Wed, 09/02/2020 - 15:43
Denys Serhiichuk
Can one expect another bearish wave of Bitcoin (BTC) or has the time to buy already arrived?
Bitcoin (BTC) Price Analysis for 09/02
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.

Today's fall in the cryptocurrency market started with the sharp drop of Bitcoin (BTC). Almost all coins have followed its move except for Binance Coin (BNB), which is still located in the green, having risen by almost 4% since yesterday.

Top 10 coins by Coinstats
Top 10 coins by Coinstats


Most of the coins have lost much more than Bitcoin (BTC), which has positively affected the dominance rate of the leading crypto that has slightly increased and is now at 55.8%.

BTC’s market share
BTC’s market share

The key Bitcoin data today:

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $210,426,963,007

  • Price: $11,388.14

  • Volume (24h): $29,611,222,551

  • Change (24h): -4.93%

The data is relevant at press time.

BTC/USD: Is the today's drop a signal of the more profound correction?

After another failed attempt to fix above $12,000, Bitcoin (BTC) has declined by more than $500 within just a few hours. The drop has accounted for 3.83% over the last day.

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

On the hourly chart, traders might expect a bounce off as Bitcoin (BTC) is already located in the oversold area according to the RSI indicator. Thus, there is almost no liquidity below, which means that sellers have run out of power in the short-term perspective.

Related BTC, ETH and XRP Price Analysis for September 1
Related
BTC, ETH and XRP Price Analysis for September 1

To sum up, the correction after today's drop may lead BTC to the range of $11,550-$11,600 shortly.

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

On the daily time frame, the current decline may be just the start of the more profound correction. Buyers have become more active as the selling trading volume has increased. If bulls do not return the rate of Bitcoin (BTC) to $11,500 shortly, there is a good chance that the leading crypto will begin trading around $11,000.

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

On the weekly chart, Bitcoin has been trading within the rising channel since the dump in March 2020. At the moment, the bullish scenario remains relevant until bulls get the coin to the nearest resistance at $13,000. It may happen by the end of the year if BTC remains in the ascending channel.

Bitcoin is trading at $11,329 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.