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Bitcoin (BTC) Price Analysis for July 9

Sat, 07/09/2022 - 14:34
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Denys Serhiichuk
Has long-term decline ended for Bitcoin (BTC)?
Bitcoin (BTC) Price Analysis for July 9
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.

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The cryptocurrency market has continued its rise after yesterday's correction.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Bitcoin (BTC) has risen by 0.85% over the last 24 hours.

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

On the local time frame, Bitcoin (BTC) is trading between the support level at $21,432 formed by the false breakout and the resistance at $21,826.

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BTC, ETH and XRP Price Analysis for July 7

At the moment, the price is near the upper level, which means that one can expect the test of the $22,000 mark soon.

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

On the bigger chart, bulls held the rate of Bitcoin (BTC) above $21,000 yesterday, having confirmed a possible further rise. If the growth continues to the level at $21,868 by the end of the day, there might be prerequisites to see the main crypto around the $22,500 zone next week.

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

From the mid-term point of view, Bitcoin (BTC) is about to absorb the previous candle. If bulls can hold the initiative until the end of the week, traders may expect growth to the $24,000-$25,000 area. However, it might take time before that happens.

Bitcoin is trading at $21,699 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, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.