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June 9, 2020 / Analytics

Bitcoin Price Analysis: BTC/USD Will reach $10,500

bitcoin forecast

Bitcoin cryptocurrency exchange rate (BTC) fluctuates in the range above the support of $ 9640. Therefore, over the next week, BTC/USD should overcome resistance at $ 9,880 and reach $ 10,500.

Key Points

  • The probability of an increase in Bitcoin value remains as long as the asset is above $ 9,600.
  • A bearish trend line has formed on the hourly chart with resistance at $ 9,800.
  • The downward movement will meet obstacles at the levels of $ 9,500 and $ 9,300.

On June 7, the BTC price corrected after falling to $ 9,440 (Bitstamp data). The cryptocurrency has risen to $ 9776. There was a sharp jump in the value of the coin to $ 9,880 on Tuesday. However, the bulls did not break this barrier, and the BTC price rolled back to $ 9,640.

The nearest resistance is located at the levels of $ 9,800 and $ 9,880. Overcoming these obstacles, the Bitcoin exchange rate will rise to $ 10,500. If the upward movement does not run out, BTC/USD may rise in price to $ 11,200. Support levels are at $ 9,640 and $ 9,600.

The Bitcoin Market Has Seen A Reversal

On May 27, the BTC rate once again went beyond the bearish trend that arose in June 2019. If the bulls manage to gain a foothold in the range above $ 9,200, then we can talk about the end of a protracted downtrend. Otherwise, BTC will rapidly fall in price, as happened in May.

btc chart

Note, that on June 5, the price of Bitcoin fell below the line of the upward trend, which started in March this year. But at around $ 9,460, BTC/USD was actively purchased, and sellers did not break this barrier.

The level of volatility of the BTC rate is reduced due to a decrease in the breakdown depth, in addition, the average asset price indicator for 100 hours is gradually increasing. These factors make it possible to forecast the growth of the Bitcoin exchange rate in the medium term. Most likely, the value of the coin will reach $ 10,500 as a result of a powerful push. If the coin goes up to this mark until June 16, then the upward trend of 2020 will remain in force.

btc chart

Technical indicators:

  • 4 hours MACD indicator is in the bullish trend zone.
  • 4 hours RSI is above 50 (in the neutral area).
  • The main support level is $ 9500.
  • The main resistance level is $ 10,000.
  • The nearest pivot points are $ 9,277 and $ 9,771.

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