Bitcoin (BTC) Price Analysis: Is the $9,000 Retest a Starting Point Before Another Move Towards $10,000?

Price Predictions
Sun, 06/14/2020 - 14:18
Denys Serhiichuk
Is there possible growth for Bitcoin (BTC) after retesting the $9,000 mark?
Cover image via www.tradingview.com

The last few day on Coinstats are showing a bit of a positive upswing as some of the coins are showing indications of growth, while Bitcoin (BTC) is trading sideways. 

Top 10 Coins by Coinstats

In terms of BTC's market share, its dominance rate has remained relatively unchanged from the previous 7 days and currently sits at 64.5%.

BTC’s Market Share

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

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $173,769,031,375

  • Price: $9,441.78

  • Volume (24H): $17,027,754,542

  • Change (24h): -0.21%

BTC/USD: Do the Bulls Have Enough Strength for a Continued Run?

Bitcoin (BTC) is finishing out the week with a 1.78% drop from the previous week. After a failed attempt to fix above $10,000, the leading crypto has lost 1,000 points and is now trying to hold the $9,400 mark.

BTC/USD Chart by TradingView

Looking at the hourly chart, Bitcoin (BTC) has been trading between the narrow range $9,300 and $9,500 for the last 2 days. Trading volume remains low, which makes it difficult for buyers to buy back the coin.

Related
Bitcoin (BTC) Price Analysis — Slowly Approaching $10,000 Mark

If the bulls do not break the $9,500 mark shortly, then pressure from the bears will become more apparent and a retest of the $9,300 and potentially the $9,200 marks will likely occur soon. The falling lines of the Bollinger Bands also confirm this statement.

BTC/USD Chart by TradingView

Looking at the 4H time frame, the bulls are also losing strength, which is confirmed by the low liquidity level and the decreasing trading volume. Bitcoin (BTC) made a false breakout from the $9,500 mark, which means that this level was an important resistance marker and was difficult to break from the first time. As for the more likely price forecast, the coin might face another drop between the $9,000-$9,050 levels before another wave of growth. However, if the bears fix below $9,000, then the bullish scenario will be cancelled.

BTC/USD Chart by TradingView

Looking at the daily chart, a decline is also the most likely scenario as Bitcoin (BTC) needs to accumulate power in order to maintain the bullish trend. In this regard, the 78.6% level ($8,600) of the Fibonacci retracement is of significant importance. The drop might be stopped there if buyers show an effort.

At press time, Bitcoin was trading at $9,416.

 

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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