Bitcoin (BTC) Price Prediction — Was the $9,500 Level the Local Bottom?

Price Predictions
Tue, 02/18/2020 - 15:00
Denys Serhiichuk
Is the Golden Cross going to push Bitcoin (BTC) to $11,000 soon?
Cover image via www.tradingview.com

After a short period of correction, Bitcoin (BTC), as well as other coins, have renewed their growth. If yesterday Bitcoin SV (BSV) was the main loser, today, it is the top gainer, its rate has risen by 18.65% over the last day.

Top 10 coins by Coinstats

Over the last week, the dominance rate of Bitcoin (BTC) has strengthened and now makes up 62.3%

Bitcoin dominance rate

The relevant data of Bitcoin is looking the following way.

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $175 616 397 047

  • Price: $9 636,43

  • Volume (24h): $42 100 435 663

  • Change (24h): 1.01%

The data is relevant at the press time.

BTC/USD: Golder Cross as a Reason for $10,000?

Bitcoin (BTC) has bounce off the support at $9,500, however, facing difficulties to fix above $9,700. At the moment, the rate of the chief crypto has risen by 1.25% over the previous day.

BTC/USD chart by TradingView

According to the chart, the local bottom has passed and before moving to $10,000 a sideways trend might take place. The weakness of bears to push the rate lower is confirmed by the MACD indicator that is about to switch to green soon.

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Overall, the yellow range between $9,500 and $9,600 is the more likely scenario for the nearest days.

BTC/USD chart by TradingView

On the daily chart of Bitcoin (BTC), a rare golden cross pattern has formed - the intersection of a 50-day MA with a 200-day MA. It is a bullish sign that confirms the long-term buyers' dominance. If Bitcoin (BTC) keeps located within the current levels for a while, the level of $10,500 will be attained by the end of the current week.

Bitcoin is trading at $9,673 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 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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