Bitcoin Price Flirts With $9,600 As $10,000 Beckons Profusely

24 Jul, 2020 Updated 24 Jul, 2020

By John Isige

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John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

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Bitcoin bulls take down the resistance at $9,600 but stalls before testing $9,700.
BTC/USD is facing an increased selling pressure according to the downward sloping RSI.

Since Tuesday, bulls have remained relentless in the push for gains towards the psychological $10,000. The return of volatility following extended motionless trading is still exciting among the buyers. A brief but impressive rally on Wednesday stalled under $9,600. However, the price action on Thursday sent BTC a notch higher where the price closed in on $9,700 but formed a weekly high at $9,684 (on Coinbase).

At the time of writing, BTC/USD is dancing at $9,600 as selling pressure increases across the cryptocurrency market mounts. In case the bulls let the price slip into the $9,500 range, expect Bitcoin to retest the support at $9,500.

Meanwhile, the buyer congestion at the 38.2% Fibonacci retracement level taken between the last drop from $10,443 to a low at $8,126 will try to cushion the digital asset from incurring extended losses.

Technically, the bearish pressure would continue to build in the current and the incoming session. The Relative Strength Index (RSI) has commenced the retreat from the overbought region (above 70). If the downward trend is not interrupted, sellers are likely to continue gaining traction.

BTC/USD 4-hour chart

For now, holding above or close to $9,600 is the best bet at averting losses that could even retest $9,400. Besides, the MACD shows that all is not lost for the bulls because buying pressure is still present, only that it is not enough to sustain gains above $9,600. The MACD is not only holding above the mean line but also features a bullish divergence.

In addition, the 50 SMA in the 4-hour range is about to cross above the 100 SMA is a signal for a growing bullish group. Therefore, buyers watching from the sidelines must join the market to create volume for Bitcoin as it brings down the barriers to $10,000.

Bitcoin Intraday Levels

Spot rate: $9,586

Relative change: -28

Percentage change: -0.31%

Trend: Bearish bias

Volatility: Shrinking

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.