Bitcoin (BTC) Price Analysis for 09/07

Price Predictions
Mon, 09/07/2020 - 14:17
Denys Serhiichuk
When will the reversal of Bitcoin (BTC) happen?
Bitcoin (BTC) Price Analysis for 09/07
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.

The situation on the cryptocurrency market is almost unchanged since the weekend. All Top 10 coins continue trading in the red zone, while the main loser is Polkadot (DOT)whose rate has declined by 10%.

Top 10 coins by Coinstats
Top 10 coins by Coinstats

Total cryptocurrency market capitalization keeps going down. The decline over the last day has involved $10 bln, and market cap currently sits at $310.4 bln.

Cryptocurrency market capitalization
Cryptocurrency market capitalization

Analyzing the market share of Bitcoin (BTC) reveals that its dominance rate remains in the same place as yesterday.

BTC’s market share
BTC’s market share

The relevant data of Bitcoin looks the following way today:

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $184,315,279,740

  • Price: $9,972.65

  • Volume (24h): $36,955,030,960

  • Change (24h): -1.80%

The data is relevant at press time.

BTC/USD: Is Bitcoin (BTC) going to test the $9,500 mark?

On Saturday, the selling pressure did not ease and, at the end of the day, the Bitcoin (BTC) price renewed its weekly low at $9,850.

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

When the volume of sales decreased, buyers immediately restored the price above the psychological level of $10,000. On Sunday, trading was held at reduced volumes, and the pair consolidated above the level of $10,100. The recovery was limited to a surge in price to the level of $10,350. Bulls failed to return to the area of ​​average prices ($10,500).

Related BTC, ETH, XRP, LTC and BCH Price Analysis for September 6
Related
BTC, ETH, XRP, LTC and BCH Price Analysis for September 6

At the beginning of this week, the decline may continue to support 38.2% Fib ($9,441). In the corridor of $9,300-$9,800, the pair can gain a foothold in sideways consolidation.

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

On the 4H time frame, bears keep controlling the situation. This is confirmed by the increasing selling trading volume. Thus, Bitcoin (BTC) has been trading within the falling channel since Sept. 1. The decline may stop when the main crypto attains the local support at around $9,550.

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

On the larger chart, a reversal may happen soon as the value of the RSI indicator has almost attached the oversold area. What's more, the trading volume is declining, which means that sellers are losing their initiative. To conclude, a bounce off may bring the rate of Bitcoin (BTC) to $10,600.

Bitcoin is trading at $10,037 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.