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Bitcoin (BTC) Price Analysis — Considering Chances of Achieving $9,400 by Week's End

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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

The positive mood on the cryptocurrency market has strengthened as altcoins keep rising, while Bitcoin (BTC) is in a sideways trend. Cardano (ADA) remains the top gainer, having skyrocketed by 26% since yesterday.

Top 10 coins by Coinstats
Top 10 coins by Coinstats

Meanwhile, the dominance rate of Bitcoin (BTC) keeps decreasing against the rise of altcoins and is now 61.9%.

BTC’s market share
BTC’s market share

The relevant Bitcoin data stacks up this way:

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $170,836,611,893

  • Price: $9,271.16

  • Volume (24h): $16,852,930,229

  • Change (24h): 0.24%

The data is relevant at press time.

BTC/USD: Is the Remaining Bull Power Enough to Get to $9,400?

Yesterday morning, the volume of purchases decreased, and before the end of the day, the bears pushed the price of Bitcoin (BTC) to a two-hour EMA55.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

Late at night, the average volume of purchases contributed to the restoration of prices in the resistance area of ​​$9,300. The growth dynamics look rather sluggish, and the pair so far cannot gain a foothold above this key resistance.

Because there is no clear signal for continued growth above the level of $9,441, the price of Bitcoin (BTC) may roll back below the two-hour EMA55. However, if large buyers take part in the auction today, the coin will be able to test the POC line ($9,490).

BTC/USD chart by TradingView

On the 4H time frame, the bullish scenario is also still relevant as bears could not push Bitcoin (BTC) below the $9,200 mark. What's more, the trading volume is at the medium level that confirms the buyers' interest in the current area. Likewise, growth might continue to the next resistance at $9,400, which may be attained shortly.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the daily chart, a continued rise after reaching the zone of $9,400-$9,450 is unlikely to occur. First of all, it is confirmed by declining trading volume. In addition, Bitcoin (BTC) has been trading in the falling channel since the start of June, and one might expect a move to the bottom level. In this case, the zone of $8,700 may be the level at which bears find a bullish resistance.

Bitcoin is trading at $9,286 at press time.

Cover image via www.tradingview.com

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Denys Serhiichuk

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@cryptocomes.com