The price of bitcoin (BTC) for the first time since July 13 exceeded $9400, but traders are still cautious optimistic forecasts. After a period of low volatility, traders are not prone to a quick test of the bullish trend, and refer to raise rates with caution.
Since the end of June bitcoin stayed in a fairly tight range between $9000 and $9250. After a sharp rise from $9150 to more than $9400, traders predict that the surge in volatility is inevitable. This writes Cointelegraph.
The increase in prices coincided with the rally in the stock market in the USA due to new round of stimulus. Treasury Secretary Steven Mnuchin (Steven Mnuchin) said that the stimulus will be $ 1 trillion.
Bitcoin price briefly exceeded $ 9400, but this surge was short-lived, at the time of this writing, the price of the main cryptocurrency is at $9370, with the growth in 24 hours – 2,29%.
Some traders said that a possible breakthrough in the direction of increasing prices, but then there is the possibility of reducing the volume.
Some technical analysts argue that the recent rally of bitcoin (Bitcoin) can lead to higher prices in the short term. Bitcoin is facing key resistance levels at $9550 and 9800 USD, BTC previously faced sharp rejection at these levels.
Capturador Philip swift (Philip Swift) determined that two-month range since may, bitcoin held above the 200-day moving average (MA), which suggests that the growth of bitcoin can be broken.
The trader said
“Promising little pump this morning. I suspect that this is the week when we finally get out of this terrible band.”
The range of VTS in may was above the 200-day moving average. Source: Philip Swift
Arthur Hayes (Arthur Hayes), CEO of BitMEX, also expressed his excitement regarding a slight growth of Bitcoin. Hayes said that BTC woke up from “sleep”, referring to its low volatility last week.
Michael van de Poppe (Michael van de Poppe), a trader on the Amsterdam stock exchange, has hinted that Bitcoin is cautiously optimistic. He said
“We have here the transition and bullish move, as the market shows strength. I don’t think BTC will accelerate, because he’s still jumping”.
Binance Futures data show that the majority of traders utilize the platform to a greater extent bitcoin and ether (ETH).
According to Datamish, all the futures market for bitcoin is also dominated by long contracts than short. Long positions are 22496 BTC, worth about $ 209 million Shorts are only 5555 BTC, worth at least $ 52 million
Although the 200-day MA technically suggests growth, historical data show that this figure can easily be reduced. Previous peaks were observed in July 2019 and February 2020, both were rejected at levels above the 200-day MA.
Santiment data also show that the amount of bitcoin in recent weeks has decreased. When the upward trend coincides with the decrease, it would imply fake.
Researchers Santiment wrote:
“The total trading volume of BTC continues to decline, and thus much attention is paid aldonas, the trading volume of Bitcoin reached $12 billion 250 Saturday, this is the lowest value in a single day since October 5, 2019”.
The trading volume of bitcoin has continued to decline. Source: Santiment
The market remains mixed. Technical indicators and macro are the main factors, such as the hash rate bitcoin, according to a trend change. But a low amount of BTC in the last two months is alarming.
On the website CoiNews we wrote that the price of bitcoin (BTC) on July 16, declined to $9000, after suffering minor losses in the morning. After falling to a low of $9040, the cryptocurrency was trading at $9118.
The portal CoiNews informed that after last week it reached a record high level of Hasrat bitcoin last difficulty adjustment changed to + of 9.89%, which gave on 13 July to a new record high of more than 17.3 trillion.
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