Bitcoin (BTC) Price Analysis — Considering Potential of Decline to Below $9,000

Can bulls withstand bears' pressure and push Bitcoin (BTC) to $9,500?

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The positive mood on the cryptocurrency market has slowed down as some of the coins have switched to red. Yesterday's gainer, Cardano (ADA), has lost 6% over the past 24 hours.

Top 10 coins by Coinstats
Top 10 coins by Coinstats

Meanwhile, the market capitalization keeps rising, having amounted to about $3 Bln over the past 24 hours.

Market Capitalization
Market Capitalization

The relevant data for Bitcoin is as follows.

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $172,986,314,175

  • Price: $9,387.33

  • Volume (24h): $19,323,202,531

  • Change (24h): 1.22%

This data is relevant at press time.

BTC/USD: Is there enough power to reach $9,500?

Yesterday morning, trading volumes were below average and the price of Bitcoin (BTC) was stuck in the resistance area of ​​$9,300. Sellers tried to push the price to the two-hour EMA55, but buyers were able to form bullish momentum and broke the key $9,300 resistance.

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

In the afternoon, the pair tested $9,441 and set a daily maximum at around $9,480. The price was not able to stay in the maximum zone and rolled back slightly to below $9,400. Today, buyers will again try to set a new July maximum and if they manage to break through the resistance at $9,441, then the next maximum could be in the ​​$9,600 area. At medium volumes, it might not be possible to continue growth, and Bitcoin (BTC) may get stuck in a narrow consolidation. In this case, even a weak bearish impulse could roll the price back to the support at the two-hour EMA55.

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

On the 4H time frame, Bitcoin (BTC) is trading in a rising channel. Trading volume dropped slightly after yesterday’s rise. However, it is still at a medium level, which means that growth is possible. In this case, the nearest resistance is located in the $9,500-$9,550 area.

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

On the bigger chart, the leading crypto is still lacking enough strength to reach the psychological $10,000 mark. The low level of trading volume indicates that there is no pressure from buyers. In addition, a bearish divergence has been formed on the RSI indicator. The most likely scenario will be a drop to the first support area of $9,000 within days.

Bitcoin is trading at $9,394 at press time.

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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 [email protected]