Bitcoin (BTC) Price Analysis: Continuing Decline or Bounce Back Awaits Us at $9,400?

Price Predictions
Sun, 06/28/2020 - 14:21
Denys Serhiichuk
Does Bitcoin (BTC) have enough strength to move towards the $10,000 mark?
Cover image via www.tradingview.com

Yesterday's decline by most of the coins confirmed that the bulls are not yet ready to update their local peaks. With no exception, all of the Top 10 coins have dropped towards their support zones.

Top 10 Coins by Coinstats

While Bitcoin (BTC) has lost much less than the altcoins, its dominance rate has strengthened and now sits at 64.3%.

BTC’s Market Share

Below is the relevant data for Bitcoin (BTC) and how it's looking today.

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $166,811,257,928

  • Price: $9,057.50

  • Volume (24H): $16,671,619,172

  • Change (24H): 0.01%

BTC/USD: Is the Current Bounce Off May Lead to $10,000?

Bitcoin (BTC) is finishing up the week with a loss of 3.30%, while its rate (since yesterday) remains relatively unchanged. The bulls bought back the leading coin at the $8,900 mark.

BTC/USD Chart by TradingView

Looking at the 4H chart, traders might expect short-term growth towards the $9,350-$9,400 area, where most of the liquidity is located. What is more, the selling volume is almost nonexistent, which means that the bears are out of fuel to continue pushing the rate further down. Thus, a bullish divergence has been formed on the Relative Strength Index (RSI), confirming the potential by the bulls.

BTC/USD Chart by TradingView

Looking at the daily time frame, the sideways trend has carried on for about 2 months. At the moment, neither the bull nor the bears are in control. The trading volume is low; however, there is interest between the $9,500 and $9,600 range, where a high level of liquidity is concentrated. In this particular case, there is a high probability of seeing Bitcoin (BTC) trading near the top level of the channel at $9,800.

BTC/USD Chart by TradingView

The sideways trend also dominates the weekly chart. However, an upward trend is more likely than an update of the local bottoms. The trading volume is at medium level and the bulls are buying back each drop brought on by the sellers. The current bounce back might be another chance for buyers to inch closer towards the $10,000 mark. Furthermore, Bitcoin's liquidity is high at that level. 

At press time, Bitcoin was trading at $9,059.

 

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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