Bitcoin (BTC) Price Analysis—Rate Likely to Rise Above $9,300 This Week

Price Predictions
Mon, 07/20/2020 - 15:20
Denys Serhiichuk
Is it possible to see Bitcoin (BTC) trading above $9,300 this week?
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.

After a slight decrease over the weekend, the market has recovered its position and come back into the bullish zone. The rise is not significant, however, almost all of the top 10 coins are in the green zone.

Top 10 coins by Coinstats

As altcoins are more volatile than Bitcoin (BTC), the market share of the leading crypto has declined and now makes up 61.1%.

BTC’s market share

This is the relevant data for Bitcoin (BTC) and how it is looking today:

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $168,687,852,084

  • Price: $9,149.10

  • Volume (24h): $13,449,392,890

  • Change (24h): 0.38%

The data is current at press time.

BTC/USD: Can the resistance at $9,400 be reached soon?

Bitcoin (BTC) keeps trading in the range between $9,100 and $9,200 for quite a while. Over the past week, the price change has constituted -1.33%.

BTC/USD chart by TradingView

On the hourly chart, Bitcoin (BTC) has touched resistance at $9,250, followed by a fast decline. However, the main crypto is unlikely to group below $9,000 from current levels as the bears' pressure is coming to an end based on the trading volume decline.

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Moreover, the bullish divergence on the RSI indicator confirms a possible bounce off. In this case, one may expect another growth wave to $9,250. If bulls can fix above it, the rise is about to continue.

BTC/USD chart by TradingView

On the 4H chart, the growth scenario is also relevant within the formation of the triangle pattern. Further, there is a high level of liquidity above $9,200, which means that a rise is more likely than a drop. If Bitcoin (BTC) keeps rising higher, the vital resistance at which buyers may encounter problems is the $9,350 markthe far retest of July 13.

BTC/USD chart by TradingView

On the daily time frame, the situation is reversed. Trading is taking place within the descending channel, and a possible rise to $10,000 might occur if Bitcoin (BTC) retests the $8,900 mark. This may happen by the end of July; however, if bears push it below $8,500, the growth scenario will be canceled out.

Bitcoin is trading at $9,159 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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