Bitcoin (BTC) Price Analysis for July 28

Price Predictions
Tue, 07/28/2020 - 14:29
Denys Serhiichuk
Was yesterday’s pump a reason for the continued rise of Bitcoin (BTC)?
Bitcoin (BTC) Price Analysis for July 28

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.

Cover image via www.tradingview.com

Bitcoin (BTC) has blasted into the stratosphere as a result of the long-term consolidation phase. At the moment, it is trying to fix above the $11,000 mark. Meanwhile, altcoins are not as bullish as they were previously. Litecoin (LTC) is the only coin from the top 10 list that has outperformed the growth of BTC.

Top 10 coins by Coinstats
Top 10 coins by Coinstats

The sharp rise of Bitcoin (BTC) has positively influenced the dominance rate of the leading coin. The market share has risen by almost 2% and is now 62.3%.

BTC’s market share
BTC’s market share

Take a look at key statistics for Bitcoin:

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $202,365,419,399

  • Price: $10,971.39

  • Volume (24h): $36,785,154,955

  • Change (24h): 6.99%

The data is current at press time.

BTC/USD: Can bulls fix above $11,000 by the end of the week?

Buyers continued their gains yesterday and broke through the 2020 high of $10,500 set on February 13. Late at night, strong bullish momentum tested the $11,394 level, setting a new annual high at $11,417.

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

Over the past night, the pair rolled back below $11,000, but in the area of ​​$10,800, the pullback stopped. When the selling volumes are reduced, bulls may try to rise to the psychological level of $12,000. If it is not possible to overcome the resistance of $11,394 today, the pair may return to the zone of the penultimate annual maximum of $10,500.

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

On the hourly chart, Bitcoin (BTC) retains growth potential even though it has blasted by more than 6% over the past 24 hours. The bullish divergence on the RSI indicator confirms buyers' mood. In addition, the selling trading volume is low, which means that sellers have still not seized the initiative. Although bulls are unlikely to surpass yesterday’s peak, a continued rise to the area of $11,260 is quite possible by the end of the day.

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

However, on the 4H time frame, sentiments are less positive. The MACD indicator is about to enter the bearish zone and the lack of buyers' interest based on declining trading volume is a signal of a possible correction.

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In case Bitcoin (BTC) fails to fix above $11,000 soon, the closest stop is the important "mirror" level around $10,500 that may be attained by the end of the current week.

Bitcoin is trading at $10,962 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.