Main navigation

Bitcoin (BTC) Price Analysis — Surging 30% Over the Day. What Level Above $9,000 Will It Fix On?

Sat, 10/26/2019 - 08:27
article image
Denys Serhiichuk
Was yesterday’s growth a bullish trend revival or a trap for buyers?
Bitcoin (BTC) Price Analysis — Surging 30% Over the Day. What Level Above $9,000 Will It Fix On?
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

The Bitcoin exchange rate soared by almost 30% in just a few hours. Together with the leading crypto, all altcoins also quickly went into the green zone. Meanwhile, the trading volume level of BTC has updated its maximum over the last year - the current value constitutes $30 bln. 

Top 10 coins by Coinstats
Top 10 coins by Coinstats

The sharp increase in the BTC price can be linked with the fact that buyers entered the market, considering the current levels after the recent correction quite attractive. In addition, the Bakkt platform showed a sharp increase in volumes.

Title: Bitcoin

Ticker: BTC

Market Cap: $172 450 764 520

Price: $9 573,39

Volume (24h): $44 333 051 292

Change (24h): 28,31%

The data is relevant at press time.

BTC/USD: Should We Expect a Slight Rollback or a Deep Correction?

Bulls have not just got out of the bearish local trend but managed to come back to the levels of September 2019. The price surged to $10,300 on some exchanges, rising by more than 40%. Meanwhile, the Bitcoin market dominance has increased more than 3% and now totals 68.4%.

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

On the 4H chart, Bitcoin is oversold and a decline to the nearest support zone between $8,300 and $8,700 is likely to occur in a few days. Now, it is difficult to tell whether yesterday’s growth was a false breakout or a bullish trend revival. 

Bollinger Bands Creator Accurately Predicted Bitcoin's 16 Percent Price Jump

If BTC bounces off the support and goes up, that will be the start of a new bull run in terms of a long-term scenario. In the opposite case, bears will keep pushing the price below $8,000. 

Bitcoin is trading at $9,593 at press time.

article image
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