Will the Bitcoin price crack the USD 10,000 mark today?

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The Bitcoin price is facing an important psychological barrier of USD 10,000. Since the start of the year, the BTC price has risen by quite 30%, giving a bullish impulse to the market, which some old coins could also enjoy. How will the Bitcoin price behave within the coming weeks and months? Can we expect a breakthrough through the USD 10,000 mark within the next few days? We glance at some fundamentals of BTC and provides a quick outlook.

 

Bitcoin Price Trading Volume Turnaround

2019 was a successful year for the Bitcoin course. Within this year, the BTC course achieved over 100%. For a brief time, however, the Bitcoin price in June 2019 was around USD 13,600 and at now in time recorded a rise of over 300%. The over-excellent market briefly went into a correction that lasted until December 2019. This year finally saw the possible turnaround.

One of the foremost important indicators to work out the trend direction is usually the daily trading volume. Although we will also take the info from CoinMarketCap, for instance, there also are the trading volumes of some exchanges that distort their trading volume. Therefore the knowledge is quite limited. The colleagues from Arcane Research have taken the difficulty to require a better check out the typical trading volume of Bitcoin.

 

btc price

 

We can see from the graph that the trading volume has gradually decreased after the high in June. This downtrend lasted until December 2019 and was subsequently ready to escape upwards again. The trading volume is usually amid a rising Bitcoin price. Currently, we are at about 700 million USD in trading volume. However, it should be noted that the colleagues from Arcade Research believe the figures from Bitwise Asset Management. Therefore some Exchanges, which have real BTC trading volume, could be missing at now. The trading volume could, therefore, be above indicated here. Nevertheless, a possible trend reversal is often seen here.

 

BTC price volatility shows strength

The volatility of the Bitcoin price is additionally a possible indicator to live the present strength of the Bitcoin price. The longer the Bitcoin price has low volatility, the more robust the worth is. Thus, the present BTC price may have reached a stable level that doesn’t have enough selling pressure to send the Bitcoin price south again.

 

btc price volatility

The Bitcoin Price volatility currently ranges between 2.5% and 3.5% on a 30-day average. This is often mainly thanks to the last weeks when the Bitcoin price began to move sideways. If the Bitcoin price moves sideways for an extended period of your time, there’s even more room for Altcoins. The Bitcoin dominance has already fallen from about 70% to 64% within a previous couple of weeks. This is often mainly thanks to the strong growth of the massive Altcoins from the Top20.

 

Technical analysis shows a bullish signal

The technical analysis also shows a possible positive trend. At the top of January, the BTC price climbed to over USD 9,000, breaking through the 200 MA line (red) upwards. this is often usually considered robust support or resistance, counting on whether the BTC price is above or below it. additionally, the 50 MA line (black) has crossed the 100 MA line (green), which is taken into account a bullish signal. this might also indicate a trend reversal. consistent with the chart, a subsequent resistance level is at approx. 10.300 USD. Should the Bitcoin price move down again, subsequent support is at around 9,400 USD.

 

btc price usd

 

The listed indicators are far and away not all that give hope for a rising BTC price. The upcoming BTC Halving, which can happen in about 94 days, could further boost the Bitcoin price. This regular event (about every 4 years) has within the past led to an extreme price rally only 12-18 months after halving, but even up to halving itself there has been speculation for inflation. So if the past should repeat itself, we will expect an extra Bitcoin increase until May 2020. then, if the Bitcoin price develops positively until halving, there’ll probably be an extended correction.

In the end, nobody can say exactly how the subsequent few months will go but the signs are currently green for Bitcoin. Therefore, we currently see it as very realistic that the Bitcoin price will reach USD 10,000 today or within the next few days. Therefore we are looking forward to subsequent months and remain curious about how the BTC price will still perform. We’ll keep you up so far as always.

 

 

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