Bitcoin (BTC) Price Analysis — Has Decline Ended Before Move to $10,000?

Price Predictions
Fri, 06/19/2020 - 10:34
Denys Serhiichuk
Has Bitcoin (BTC) gained enough fuel at $9,200 to conquer the $10,000 mark again?
Cover image via www.tradingview.com

The last working day of the week has started with a negative mood on the cryptocurrency market. All top 10 coins are located in the red zone while Cardano (ADA) has shifted from the biggest gainer to the biggest loser. Its rate has fallen 2.86% over the past day.

Top 10 coins by Coinstats

The market share of Bitcoin (BTC) has remained unchanged over the past 24 hours and is now 64.4%.

BTC’s market share

The relevant data for Bitcoin is below.

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $172,757,060,230

  • Price: $9,384.51

  • Volume (24h): $19,781,114,042

  • Change (24h): -1.17%

The data is relevant at press time.

BTC/USD: Is the current Decline a starting-point for $10,000?

Pressure from sellers yesterday did not allow Bitcoin (BTC) to gain a foothold above the two-hour EMA55. The pair rolled back into the zone of the recent low, but so far has retained chances of a breakthrough of resistance at $9,800 and a re-test of the psychological level of $10,000.

BTC/USD chart by TradingView

If buyers increase volumes today, the pair may recover to $9,441, and by the end of the week, a maximum of ten thousand can be expected.

BTC/USD chart by TradingView

On the 4H chart, Bitcoin (BTC) is stuck within a Wedge pattern, which suggests a continuation of the trend. Trading volume remains at the same level. However, there is a high concentration of liquidity, which might push the rate of the leading crypto to the area of $9,800. This could even happen this week.

BTC/USD chart by TradingView

On the daily time frame, bears have already seized the initiative in the long-term. While it may return to $9,800, it is unlikely that the main crypto will hold above $10,000. This outcome is also supported by declining trading volume and lower heights. The closest support will be $8,900, which it may reach by the start of July 2020.

Bitcoin is trading at $9,368 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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