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

Price Predictions
Wed, 06/17/2020 - 11:59
Denys Serhiichuk
Where is the closest resistance of Bitcoin (BTC) before it drops below $9,000?
Cover image via www.tradingview.com

The rise in the market has slowed, which is reflected in the positions of the top 10 coins. Litecoin (LTC) is showing the biggest growth of all of them, rising by 2.33% over the past day.

Top 10 coins by Coinstats

The slowing growth of the main coin has affected its market share, which has fallen slightly over the past few days and now is at 64.6%.

BTC’s market share

The relevant data for Bitcoin is below.

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $175,088,555,309

  • Price: $9,512.09

  • Volume (24h): $20,112,918,258

  • Change (24h): 0.13%

The data is relevant at press time.

BTC/USD: Should we expect a decline before moving to $10,000?

Yesterday, buyers were not able to continue to lift the price of Bitcoin (BTC), and the pair fell back to $9,441. In the evening, sellers pierced this level, but the two-hour EMA55 has kept the pair in the lateral range.

BTC/USD chart by TradingView

On the 2H chart, the Stoch RSI indicator lines indicate a possible short-term price drop. It might be limited at $9,300 as the growth potential to $10,000 still remains.

BTC/USD chart by TradingView

On the daily chart, the rise from $9,000 stopped at $9,500. At the moment, Bitcoin (BTC) is trying to reach $9,700. However, it's unlikely it will happen on the first try as there is a lack of buyer power due to falling trading volume. Most likely, there will be a drop to the closest liquidity level at $9,200 to gain 'fuel' for a further rise.

BTC/USD chart by TradingView

On the weekly chart, bearish sentiments are increasing as Bitcoin (BTC) has been trading in a sideways trend for around 1 month. However, the current level is not the local bottom. As the trading volume falls, the drop might continue to the MA 50, at $8,700. If bulls don't hold this level, the long-term trend will switch to a bearish one.

Bitcoin is trading at $9,467 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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