Bitcoin (BTC) Price Analysis: Is the Correction Finished Before Moving to $10,000?

Price Predictions
Sun, 06/21/2020 - 15:35
Denys Serhiichuk
Chances of Bitcoin (BTC) retesting the $10,000 mark remain less probable.
Cover image via www.tradingview.com

The cryptocurrency market has completely changed sentiments since yesterday. If most of the Top 10 coins were in the red yesterday, then all of them are in the green today.

Top 10 Coins by Coinstats

Compared to the altcoins, the dominance rate for Bitcoin (BTC) has not changed since yesterday. BTC's current market share sits at 64.2%.

BTC’s market Share

Below is the relevant data for Bitcoin (BTC):

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $172,408,656,121

  • Price: $9,364.70

  • Volume (24H): $16,230,830,620

  • Change (24h): 0.55%

BTC/USD: Not Enough Fuel to Conquer the $10,000 Mark?

The last day of the week started on a positive note for Bitcoin (BTC); however, it could not reach the $9,500 mark. This means that this was a false breakout.

BTC/USD Chart by TradingView

Looking at the hourly chart, a long wick confirms pressure by the bears as well as a declining trading volume. What is more, the lines of the Moving Average Convergence/Divergence (MACD) are going down and already located in the red. All in all, this means that a drop is more likely to occur than a rise. The $9,070 mark is the nearest support level for one more potential bounce.

BTC/USD Chart by TradingView

Looking at the daily chart, the decline can be even more profound as there is a potential for buyers based on analysis of the trading volume. The last level of support before the bearish scenario comes into play is at the $8,800 mark. However, the bears are unlikely to break it for the first time as it is a far retest. TO sum it up, the aforementioned support price at $8,800 may be attained by the end of the month.

BTC/USD Chart by TradingView

Looking at the weekly time frame, Bitcoin (BTC) has been trading sideways for the last few weeks. However, such price action is more favorable to the bears as the trading volume goes down. What is more, there are lowering heights every week.

Related
Bitcoin (BTC) Price Analysis — Return to $9,200 Likely as Bulls Getting Weaker

When applying the Fibonacci retracement to the chart, it is crucial to pay attention to the 38.2% level, which corresponds to $7,900. If the bulls cannot fix above $10,000 in the next days, then the previously mentioned support level may be reached next month.

At press time, Bitcoin was trading at $9,336.

 

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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