Bitcoin (BTC) Price Analysis — Will Ongoing Impulse Reach $9,500?

Price Predictions
Mon, 07/06/2020 - 11:49
Denys Serhiichuk
Is the current bounce from Bitcoin (BTC) false?
Cover image via www.tradingview.com

The decline of the cryptocurrency market that occurred over the weekend was absorbed by a Monday rise from all of the top 10 coins. Bitcoin SV (BSV) has shown the biggest growth over the past day, having risen by 4.59%.

Top 10 coins by Coinstats

The fast rise of altcoins has affected the dominance rate of the main crypto, which has dropped slightly and is now at 63.2%.

BTC’s market share

The relevant data for Bitcoin is below.

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $169,268,004,298

  • Price: $9,187.03

  • Volume (24h): $14,946,026,484

  • Change (24h): 1.36%

The data is relevant at press time.

BTC/USD: How long will the ongoing bounce last?

Last weekend, the activity of market participants remained low. On Saturday, buyers again tried to overcome the two-hour EMA55, but the growth was not supported by volume, and on Sunday the price of Bitcoin (BTC) returned to its previous level. Slow sliding to the weekly low point led it to $8,900.

BTC/USD chart by TradingView

By the beginning of this week, the pair has recovered to the average price range and today the flat movement will continue within the lateral corridor, the borders of which were slightly expanded over the past weekend.

Related
Bitcoin (BTC) Price Analysis: Continuing Decline or Bounce Back Awaits Us at $9,400?

An important goal for bulls is to break through the resistance of $9,300, which would open growth prospects to the area of $​​9,800. However, if buyers do not support the growth, then this week BTC may return to the downward orange corridor to support at $8,600.

BTC/USD chart by TradingView

On the 4H chart, Bitcoin (BTC) has held above $9,000. The trading volume is still low. However, the liquidity is high at current levels. What is more, the lines of the MACD indicator have switched to bullish, which means that the first resistance in the bulls' way is $9,300, which they may hit shortly.

BTC/USD chart by TradingView

On the daily time frame, the scenario is more bearish than bullish, even though sideways trading has continued for a second month. Highs are getting lower and lower, which confirms the absence of buyer resistance. If bulls cannot take it to $9,500 and hold above that mark, traders can expect another drop below $9,000, to the $8,700 mark.

Bitcoin is trading at $9,206 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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