Bitcoin (BTC) price analysis — Slowly approaching $10,000 mark
|Are traders likely to see Bitcoin (BTC) above $10,000 this month?
June 9th has started with a negative mood on the cryptocurrency market. Most coins from the top 10 list are in the red zone. XRP is the only one trying to remain bullish, having risen by 0.01% since yesterday.
Top 10 coins by Coinstats
The decline of most of the cryptocurrencies has not affected the dominance rate of the main crypto, which remains at the same level at 64.4%.
BTC’s market share
The relevant data for Bitcoin is as follows.
Name: Bitcoin
Ticker: BTC
Market Cap: $178,464,060,180
Price: $9,699.65
Volume (24h): $22,958,180,494
Change (24h): -0.42%
The data is relevant at press time.
BTC/USD: Is it still possible to reach $10,000?
On the hourly chart, Bitcoin (BTC) made a false breakout of the $9,900 mark. The decline over the past 24 hours of the main crypto has amounted to 0.42%
BTC/USD chart by TradingView
Even though the bullish scenario has not yet fallen apart, there is strong resistance at $9,900 that is preventing Bitcoin (BTC) from moving forward. Thus, the trading volume is decreasing and mostly dominated by sellers. In this case, one should not also exclude the possibility of a retest of the $9,600-$9,650 zone shortly.
BTC/USD chart by TradingView
On the 4H time frame, there is no dominance from bulls or bears. The liquidity is high enough. However, trading volume is too low to push the rate higher. Summing up, the more likely scenario for the next days is a sideways trend in the yellow area between $9,600 and $9,750.
BTC/USD chart by TradingView
Bitcoin (BTC) is about to finish its bullish trend as 'fuel' for further growth is running out. Such a statement is confirmed by the declining trading volume and falling heights.
If bulls cannot seize the initiative, the next stop is $9,150. In this case, the Triangle pattern will be formed and the bearish trend will start.
Bitcoin is trading at $9,672 at press time.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.