Bitcoin (BTC) Price Analysis — Growth to Stop at $9,500?

Price Predictions
Mon, 06/22/2020 - 13:57
Denys Serhiichuk
Will bulls easily surpass the vital resistance of Bitcoin (BTC) at $9,500?
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 decline that occurred over the weekend was not confirmed as bulls have seized the initiative. Bitcoin (BTC) has continued its rise after a short decline. Ethereum (ETH) has shown the biggest growth over the past 24 hours. The price of the leading altcoin has increased by 3.50% over the past day.

Top 10 coins by Coinstats

The rise of altcoins has affected the dominance rate of Bitcoin (BTC), which has slightly decreased and is now 64%.

BTC’s market share

The relevant data for Bitcoin is as follows.

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $174,341,148,899

  • Price: $9,469.12

  • Volume (24h): $17,374,785,198

  • Change (24h): 1.55%

The data is relevant at press time.

BTC/USD: Bulls are not giving up the initiative in the short-term

Last weekend, trading volumes remained below the average level, and the price of bitcoin was not able to come out of the sideways range. On Saturday, sellers pierced $9,200 and set a minimum at $9,138, and on Sunday morning, buyers tried to gain a foothold above the two-hour EMA55.

BTC/USD chart by TradingView


Low volumes of purchases did not allow the price to reach the level of 38.2% Fibonacci, and by the end of the day the pair rolled back to support at $9,300.

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During the Asian session, buyers suspended the price of Bitcoin (BTC) above the average price level and today purchase volumes began to increase. The pair will break through the $9,441 level, and by the end of the day, it might test the resistance at $9,800.

BTC/USD chart by TradingView

On the 4H time frame, the sideways trend has been changed by the ongoing growth as Bitcoin (BTC) bounced off the support at $9,200. Currently, it is trading within a narrow rising channel supported by medium trading volume. The next vital level is the resistance at $9,600. If the rise continues, buyers might attain that level by the end of the week.

BTC/USD chart by TradingView

According to the daily chart, a chance to retest $9,100 still remains. First of all, buyers lack the strength to set new local heights as the trading volume is low. In this case, after a bounce back to the $9,600-$9,700 zone, there might be a sharp decline to $9,100. Bears might reach the said support level by the end of the current month.

Bitcoin is trading at $9,462 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.


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