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$9,100 Bitcoin price possible if volume and price action stay sideways



The markets have been relatively dull for the past 2 months as the price of Bitcoin (BTC) has been sustaining between the $10,200-$11,000 range. In recent days, the range has been narrowed even further, leading some traders to forecast a breakout. 

However, Bitcoin’s price hasn’t been showing any direction, while altcoins have taken a downward slope. The majority of the markets have been in massive corrections and this isn’t a strong signal for the total market. 

Bitcoin price is stuck in a sideways range 

BTC/USD 1-day chart. Source: TradingView

The Bitcoin daily chart shows the continuation of the range-bound construction that started after the price dropped beneath the crucial barrier at $11,200-11,400.

As long as the price of Bitcoin stays below this resistance area, it’s unlikely to expect a strong upside move. However, Bitcoin’s price is reaching a climax point as the volatility is being drained away. 

Once the volatility starts to drain away, the volume also drops off, which results in a very volatile move. 

Bitcoin 7 day volatility index

Bitcoin 7 day volatility index. Source: TradingView

Despite all the negativity surrounding the crypto markets recently, Bitcoin’s volatility has been going down. Even after the KuCoin hack, BitMEX being sued and the FCA banning crypto derivatives trading, Bitcoin’s price didn’t react negatively. 

As a matter of fact, the price of Bitcoin has been stabilizing in its most recent movements, which is not a sign of weakness. Furthermore, the documented increase in new addresses suggests a potential bullish move is just waiting to occur.

However, will such a move be made across the markets or just with Bitcoin price? 

A correction was overdue after the massive surges of several cryptocurrencies across the boards. The question is whether this correction is finished or is further correction expected.

Total crypto market capitalization hangs between key levels

Total crypto market cap 1-day chart

Total crypto market cap 1-day chart. Source: TradingView

As Bitcoin’s price is hovering between levels, so is the total market capitalization of the entire sector. What the chart shows is a clear breakdown of support, after which it’s been hovering between $307 and $338 billion.

Similar to the Bitcoin movements, a clear direction is unknown short term. Since the push of Bitcoin towards $12,400, Bitcoin’s price has been trending downwards. However, since the massive crash in March, the trend has been up.

In that light, a potential higher low confirmation of Bitcoin in the $9,000 region would still warrant a bullish outlook as it’s a higher low inside a massive bull trend.


Total crypto market cap 1-week chart

Total crypto market cap 1-week chart. Source: TradingView

Obviously the crypto markets are not reflecting the same euphoria that was seen in 2017, and that’s perfectly normal. The build-up of a bull cycle takes a substantial amount of time before the climax can occur. 

Regardless, the total market capitalization was rejected at the $380 billion resistance level. A retest of the $255-$280 billion areas is a very likely scenario, which would lead to a confirmation of the 100-week and 200-week moving averages as well.

A potential scenario for Bitcoin 

BTC/USD 1-day chart

BTC/USD 1-day chart. Source: TradingView

The price of Bitcoin is still acting below resistance and losing momentum as the volume drains away. Given that the trend is down since $12,400, it’s more than likely to expect a breakdown. That would mean a rejection of the $11,200-$11,400 area. 

However, if the price of Bitcoin is able to crack this resistance, new highs are on the horizon as the major bullish pivot is broken. 

In the case of a rejection, the most likely support levels to watch are found in the $9,500-$9,800 and $8,800-$9,100 regions. 

If a further correction happens towards these regions, it’s likely to anticipate that the correction is over. Once this is the case, 2021 could be a very bullish year for the entire cryptocurrency market.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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Traders look for Bitcoin price daily close at $41K to confirm bullish reversal




Bitcoin started the week with a strong breakout to $40,900, but today bulls are trying to hold Bitcoin price above the $40,000 level. 

As the price broke from the $31,000 to $39,000 range on June 14, traders speculated that setting a daily higher high and a close above $41,000 would set BTC up for a move to $47,000, but a lack of sustained buy volume and the much-discussed possibility of a death cross between the 50- and 200-day moving average are factors that could be keeping traders cautious.

BTC/USDT daily chart. Source: TradingView

According to Simon Peters, an analyst at eToro:

“Bitcoin is at its highest level since May, a notable recovery but the crypto asset has yet to convincingly break through – and most importantly, close above – the $41,000 mark.

While sentiment has improved and futures premiums have recovered after nearly entering backwardation last week, analysts are unable to confirm that the bull trend has resumed.

Peters said:

“We’ve seen the price face resistance earlier in the year at this level when it was trading around what was then an all-time high, and I would really need to see a stronger increase to feel optimistic about the price recovering and possibly pushing onto $50,000 and beyond.”

Sentiment has improved but the market is flat

Deribit Bitcoin options 25% delta skew. Source:

Regarding the lack of follow-through from Bitcoin’s June 14 pump, Cointelegraph analyst Marcel Pechman shared the above chart and said that while the 25% delta skew is no longer signaling that extreme fear exists in the market. 

Pechman said:

“Arbitrage desks and market markers are currently uncomfortable with Bitcoin’s price as the neutral-to-bearish put options premium is higher. However, the current 7% positive skew is far from the 20% exaggerated fear seen in late May.”

Even though day traders are on the fence about the status of the trend, a number of on-chain metrics, including the Hodler Net Position Change, show that investors still view the recent dip to $30,000 and Bitcoin’s current price at $40,250 as excellent purchasing opportunities.