Bitcoin (BTC) Price Analysis: Chances of Hitting $10,000 Remain Much Less

Sunday 2 May 2020, 2:17 AM AEST - 1 week ago

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The weekend started in neutral mode for the cryptocurrency market. However, some of the top 10 coins are in the green. Ethereum (ETH) and EOS have risen 0.83% and 0.32% respectively.


Top 10 Coins by Coinstats

At the same time, the total market capitalization has gone down a few points as the current index sits at $247.2 billion.

Cryptocurrency Market Capitalization

Below is the relevant data for Bitcoin (BTC) and how it is looking today:

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $167,807,556,504

  • Volume (24H): $28,564,887,375

  • Change (24H): -0.46%

BTC/USD: Has the Correction Started or is it on Pause Before Running to $10,000?

Yesterday, trading volumes were below average and were fairly calm. There was no pressure from the bears. Buyers were able to gain a foothold above $9,000 and continued their recovery to a two-hour EMA55 in small volumes.

BTC/USD Chart by TradingView

If the pair overcomes the moving average today, then the price of Bitcoin (BTC) will test the resistance at $9,440. To gain a foothold above this resistance, buyers should increase their volumes.

In case growth is not supported by the volumes, then BTC will not be able to overcome this resistance level and the pair will return below the Percentage-of-Completion (POC) line ($8,858) by the end of the week.

BTC/USD Chart by TradingView

Looking at the 6H chart, almost nothing indicates continued growth. Most of trading volume was around the local peak at $10,000, which was followed by the ongoing decline. In addition, the Bollinger Bands lines are moving down, confirming our bearish sentiments. If Bitcoin (BTC) fails to fix above $9,000, then it might drop to $ ...

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