Bitcoin (BTC) Price Prediction — Analyzing Bulls' Efforts to Hold $9,000 Mark

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Mon, 02/03/2020 - 13:39
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    Is Bitcoin (BTC) facing a local correction or should we expect a bearish trend revival?

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.

Throughout January, the cryptocurrency market added to capitalization and, having shown growth of 34%, closed the month at the value of this indicator of $259 Bln.

Top 10 coins by Coinstats
Top 10 coins by Coinstats

The dominance index of the first cryptocurrency has been declining for the second month in a row but is still close to its two-year highs. By the end of the month, in total market capitalization, Bitcoin (BTC) reduced its share by 2.1%. At the same time, the weight of Ethereum (ETH) increased by 0.3%, XRP decreased by 0.25%, and Bitcoin Cash (BCH) increased by 0.7%.

Bitcoin dominance index
Bitcoin dominance index

Below is the relevant information for Bitcoin.

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $170 222 036 714

  • Price: $9 354,21

  • Volume (24h): $30 456 591 253

  • Change (24h): -0.60%

The data is current at press time.

BTC/USD: Trying to hold the bullish trend

Bitcoin (BTC) has gained bullish momentum with the help of the buyers who tried to test the upper border of the orange resistance zone ($9,630). However, the annual maximum was only updated to the $9,615 level, after which the price immediately returned to the average price range.

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

The hourly EMA55 kept the pair from a deep pullback, and only at the end of the week did sellers begin pushing the price below the average price level, to the $9,200 support. 

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If, today, the moving average EMA55 keeps the pair from falling, then buyers will try to break through the upper limit of resistance and set an annual maximum of around $9,800. If sellers sell the price below the hourly EMA55, then the rollback will again stop in the $9,200 support area.

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

On a bigger time frame, the MA 50 is about to cross the MA 100 which confirms the long-term bullish market. If bulls buyback Bitcoin (BTC) from around the $8,700 level, the next mark will be $10,000, which they could achieve by the end of the current month.

Bitcoin is trading at $9,315 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 make 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.

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