Bitcoin (BTC) Price Analysis — Golden Cross to Push it to $10,000 by Mid-June?

Price Predictions
Tue, 05/26/2020 - 14:26
Denys Serhiichuk
Which direction is Bitcoin (BTC) headed?
Cover image via www.tradingview.com

Bitcoin (BTC) is the only coin from the top 10 list that has remained in the green zone. The biggest loser is Bitcoin SV (BSV), having declined by 1.7% over the past day.

Top 10 coins by Coinstats

Surprisingly, the market share of Bitcoin (BTC) has not increased since altcoins have been falling. Moreover, the dominance index has gone down and is now at 64.8%.

BTC’s market share

The relevant data for Bitcoin is below.

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $162 776 931 068

  • Price: $8 853.27

  • Volume (24h): $30 216 369 296

  • Change (24h): 0.54%

The data is relevant at press time.

BTC/USD: Is there enough power for a blast?

Bitcoin (BTC) has retested the $9,000 mark. However, it failed to hold there, confirming the false breakout. Even though the short-term prospects of the main crypto are not currently positive, the coin has been able to rise by 0.5% since yesterday.

BTC/USD chart by TradingView

On the hourly chart, Bitcoin (BCT) has finished a wave of correction at $9,000. Although the liquidity is high enough in the current zone, there is no buyer potential to push the price higher as the trading volume is low. A more likely scenario is a retest of the support at $8,680, which might happen today as the daily ATR has not yet been passed.

BTC/USD chart by TradingView

On the bigger time frame, a bearish mood will also dominate. Based on the trading volume, buyers are not ready to buy Bitcoin (BTC) from the current levels.

Related
BTC, ETH, XRP, BCH, BSV, BNB Weekly Price Analysis - Which Coin Will Grow Most at Start of June?

Furthermore, the bearish RSI has been formed on the indicator, confirming bearish pressure. If the $9,000 mark cannot be attained within the next few days, traders can expect $8,500 by the end of the month.

BTC/USD chart by TradingView

On the daily chart, Bitcoin (BTC) has formed a double peak pattern which is a sign of a reversal, according to technical analysis. The current growth is not supported by the buyer trading volume, which is an obstacle for bulls in their attempts at continued growth. The closest support zone is at $8,500. If buyers cannot resist bear impulses, the decline will continue to $8,200.

Bitcoin is trading at $8,830 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 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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