Analysis: Bitcoin (BTC) correction is coming to an end?
This analysis provides an overview of how Bitcoin (BTC) has fared and how it will behave from now on.
The first day of the weekend turned out to be optimistic for the cryptocurrency market. All 10 major currencies are in the green zone – Binance Coin (BNB).
Bitcoin’s dominance rate (BTC) continues to decline, and the current rate is 54.8%.
Key data for Bitcoin today:
Market capitalization: US $ 191,088,026,818
Price: $ 10,336.37
Volume (24h): US $ 87,274,062,299
Change (24h): 0.37%
BTC / USD: Has the correction been completed?
Last week was neither bullish nor bearish for Bitcoin (BTC). The BTC rate remains almost unchanged for the past seven days.
On the hourly chart, Bitcoin (BTC) is trading sideways. However, it is likely that the price explosion will occur upwards, as the indicator of the Relative Strength Index formed a bullish divergence. It is too early to consider the continuation of the bullish run, as buyers are not as powerful based on low turnover. To conclude, a short-term increase is possible for the crucial $ 10,500 mark.
In the longer period of time, the situation is the opposite. The bulls did not gain enough liquidity to continue growing. That is why there is a high probability of seeing a drop to the $ 9,800- $ 9,900 area soon.
From these levels, a false break can be expected. This scenario is relevant for the coming week.
On the daily chart, traders may consider yet another wave of decline to $ 9,100. There is a high concentration there, which means it is the last straw before further continued growth to $ 12,000 or more. The next drop may occur in October 2020, followed by new peaks in November.
Bitcoin is trading at $ 10,293 so far.