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Bitcoin (BTC) Price Prediction — Trying to Hold the $10,000 Level

Price Predictions
Sun, 02/16/2020 - 16:55
Denys Serhiichuk
Have bears seized the initiative by pushing Bitcoin (BTC) back to $9,500?
Cover image via www.tradingview.com

The cryptocurrency market has entered a deep correction wave after Bitcoin (BTC) lost $400 of its value yesterday. All top 10 coins are in the green zone, while the main losers are Bitcoin SV (BSV) and EOS which rates have declined by 12.15% and 11.31% respectively. 

Top 10 coins by Coinstats

Meantime, while altcoins are falling faster than Bitcoin (BTC), the dominance rate of the main crypto has strengthened and now makes up 61.7%.

Bitcoin dominance rate

The relevant data of Bitcoin is looking the following way.

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $181 142 104 054

  • Price: $9 941,71

  • Volume (24h): $44 337 242 746

  • Change (24h): -2.93%

The data is relevant at the press time.

BTC/USD: Any Hopes for Reaching $11,000 Soon?

Bitcoin (BTC) has failed another attempt to conquer the $10,500 mark. Currently, the chief crypto has lost more than 3% over the last day.

BTC/USD chart by TradingView

At the moment, Bitcoin (BTC) is trading withing the descending channel on the hourly chart. Moreover, the trading volume keeps declining as well as the lines of the MACD indicator which are about to become more bearish soon.

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In this case, the nearest support that the leading crypto might reach is $9,600.

BTC/USD chart by TradingView

On the daily chart, the situation is much better. Bitcoin (BTC) keeps locating withing the rising channel, moving to the nearest resistance at $11,000. The cancellation of this scenario will be a fixation below $9,500.

Bitcoin is trading at $9,909 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 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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