The Bitcoin price news today show that after all, Bitcoin may not break the $10,000 point for some time now. The key levels for Bitcoin in 2020 have changed and several BTC metrics indicate a potential reverse to under $9,000.
Currently, Bitcoin (BTC) is trading at $9,690 with a 1.14% loss on the day. When we see the performance that is relative to its peers, we can see that Ether (ETH) and Ripple (XRP) are both underperforming against the largest coin by market cap.
Ether, which is the second largest cryptocurrency is down by 1.29% while Ripple’s XRP token is also negative by more than 1% on the day. However, both of these coins have outperformed Bitcoin this week and we can see that the ETH news show a 9% increase week-by-week. The dominance of BTC remains at 65% at this point as it continues to lose ground following a strong couple of weeks for the altcoin market.
On the weekly chart, we can see that BTC/USD is at the peak of its third attempt to push higher. The key levels for Bitcoin in 2020 indicate that a potential pullback is in the books. Also, we can see that the BTC metrics such as the Moving Average Convergence Divergence indicator (MACD) is trending above 0 as it crossed bullish with higher highs, printing on the histogram.
This implies that there is still some strength within the move – but also that the key levels for Bitcoin are changed. The spot volume has been in the green with 10 of the last 12 weeks, printing a bullish volume as well.
Below $9,700, the vast majority of the price history for BTC means that the coin should find support if the prices were to push lower. Similarly, the high volume nodes are visible around the $8,800 level and the $8,000 level, which are also where the 50 and 20 week moving averages are located.
On the 1-day and 4-hour charts, the key levels for Bitcoin show some support and attempts to break higher. One of the positive signs is the volume – but still it is not an evidence of a breakout either way on the daily timeframe.
So, the Bitcoin price remains in a bullish state but with plenty of difficulties to breach $10,000 as one of the key levels. Instead, it may reverse below $9,000 if the bearish momentum like today’s continues.
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