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September 20, 2020
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Bitcoin

Understand the reasons for the Bitcoin have exceeded $ 10,000 again

With the accumulated high this week BTC managed to reach the $ 10,200 mark

Bitcoin (BTC) and all other currencies on the list of 10 best maintained its growth since the beginning of the week. Today, however, Bitcoin (BTC) has reached above the $ 10,000 mark, while altcoins have shown no signs of great growth.

THE Bitcoin dominance rate (BTC) rose after the price climb quickly to the mark of US $ 10,000. The current index is at 60.4%.

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Below are the relevant data for Bitcoin (BTC) and how it looks today:

Market capitalization: $ 184 021 609 192

Price: $ 9,977.87

Volume (24H): $ 21,545,007,250

Moving (24H): 3.90%

BTC / USD: What are the chances of securing more than $ 10,000 now?

Bitcoin is trending upwards for the week, however, there was strong growth in BTC today, when it reached almost the $ 10,300 mark. Meanwhile, the increase in the last 7 days constituted an increase of 8.28%.

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Graphic BTC / USD TradingView

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The Bitcoin (BTC) has entered a correction phase on the hourly chart. The trading volume and liquidity of Bitcoin are at their lowest levels, which means that the decline can not yet be stopped. The closest level where buyers can show some resistance is called the level of ‘mirror’ around the US $ 9,750 mark. If the bears push below the mark mentioned above, the high scenario will be canceled.

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BTC / USD chart by TradingView

Looking at the 4H chart, the situation is similar as the bears took over the initiative, as Bitcoin (BTC) failed to set above the $ 10,000 mark. That candle there was a sharp increase in trading volume, which usually happens in the last wave of a high. At the moment the bulls need to maintain growth of between US $ 9,650 and US $ 9,700, which may be the end of correction. This forecast is relevant for the coming days.

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BTC / USD chart by TradingView

Looking to the longer period, the current price explosion occurred as a result of an accumulation period that lasted a few days. In addition, turnover has been steadily increasing. At the moment traders need to pay close attention to the basic line of the Bollinger Bands, which is around the $ 9,350 mark. If bulls ricochet at that level, the rise is likely to continue.

Bitcoin is currently trading for $ 9,914.

Source: U.Today

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