Bitcoin (BTC) Price Analysis — Is $9,400 a Bounce Before Rise to $9,900?

Price Predictions
Wed, 06/24/2020 - 12:57
Denys Serhiichuk
Can Bitcoin (BTC) bounce back to $9,900 from its current levels?
Cover image via www.tradingview.com

After 2 days of growth, a slight correction on the cryptocurrency market has appeared. Most of the top 10 coins are trading in the red zone, while the main loser is EOS, whose rate has dropped by 1.45% since yesterday.

Top 10 coins by Coinstats

The dominance rate of Bitcoin (BTC) has been drastically affected by the price action of altcoins. Respectively, its market share has lost 3%.

BTC’s market share

The relevant data for Bitcoin is as follows.

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $175,685,262,338

  • Price: $9,541.26

  • Volume (24h): $16,973,458,807

  • Change (24h): -0.93%

The data is relevant at press time.

BTC/USD: Is the current drop a correction before a move closer to $10,000?

Yesterday, trading volumes again fell below the average level and buyers were unable to continue recovering the rate of Bitcoin (BTC). The pair hovered in consolidation with support in the region around $9,600.

BTC/USD chart by TradingView

Today, buyers will try to increase volume and overcome the resistance at $9,800. The purpose of the breakthrough is to re-test the psychological mark of $10,000, but if sellers keep the defense at the turn of $9,800, they will roll the Bitcoin price back below the two-hour EMA55, to the 38.2% Fibo ($9,441) support.

BTC/USD chart by TradingView

On the 4H chart, the growth may continue as buyers have become more active in the past days, which is confirmed by rising trading volume. In this case, if bulls can hold $9,400, the next target is the zone around $9,900. The only thing that might be an obstacle is the low liquidity level near the $10,000 mark.

BTC/USD chart by TradingView

On the bigger time frame, nothing has changed yet. The trading volume is declining while Bitcoin (BTC) is slowly rising. The growth, which is not accompanied by trading volume, is not going to last for a long time. Respectively, after the possible local peak at around $9,900, traders should expect a drop to $9,100 which has been a support area since the beginning of May 2020.

Bitcoin is trading at $9,505 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 & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.

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