Bitcoin (BTC) Price Prediction — Getting Ready for Move to $9,000 or $8,500?

📈 Price Predictions
Mon, 01/20/2020 - 14:31
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While Bitcoin (BTC) keeps sightly going down after a rise above $9,000, some altcoins are showing growth. Bitcoin SV (BSV) is about to regain its recent rise as its rate has increased by more than 12% over the last 24 hours.

Top 10 coins by Coinstats
Top 10 coins by Coinstats

Meanwhile, the altcoin market is more volatile than Bitcoin (BTC) which directly influences the dominance rate of the leading crypto. Currently, its market share is declining and constitutes 66.3%.

BTC dominance
BTC dominance

The latest information for Bitcoin (BTC), below, is pointing to movement in the opposite direction.

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $156 563 568 855

  • Price: $8 616,05

  • Volume (24h): $28 259 056 807

  • Change (7d): -0.57%

This data is relevant at press time.

BTC/USD: expecting a stop at around $8,500?

On Saturday, the EMA55 hourly kept the BTC/USD pair from falling, and on Sunday night, growth began, which ended with a new annual high in the region of $9,200.

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

At first, the rollback from the annual maximum was very modest. However, from the $9,000 level, bears pressed so hard on the price that in the afternoon the pair tested the area of $,8460. 

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The Bitcoin (BTC) price spent the rest of the day in a narrow consolidation at $8,640. Today, the price decline may continue to the level of $8,400 as bulls are not going to buyback based on the decreasing trading volume.

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

In the long run, the bearish scenario is even more relevant. The declining MACD indicator confirms the ongoing dominance of sellers. Furthermore, the trading volume index is decreasing which means that there are no buyers in this zone. The possible area where bears might face an obstacle is the crucial $8,000 level.

Bitcoin is trading at $8,534 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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