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Bitcoin BTC/USD rally won’t stop at $9.2k soon to hit $10k

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Bitcoin (BTC), Ethereum (ETH) and Ripple's XRP price analysis
  • Bitcoin BTC/USD price today hits $9200 which is ATH for 2019.
  • There is a strong bullish pattern forming on the 4-hours BTC/USD price chart.
  • Market capitalization for BTC reaches $164 billion while the total market cap for all cryptocurrency is $287 billion.
  • BTC price is up by about 6.83% from the last 24 hours as per CoinMarketCap.

Today the price of Bitcoin breaks the $9000 mark and currently trading at $9,257.64 USD which is up by about 6.59% from the last 24 hour. The market capitalization for Bitcoin reaches $164 billion and the BTC dominance is 57.3%.

The rally in the cryptocurrency market recently might be due to the announcement of Facebook’s launching its own cryptocurrency “Libra”. According to a report, Facebook’s crypto project Libra is now backed by Paypal, Uber, Mastercard and Visa.

Bitcoin was trading at strong support zone of $7500 level against the USD dollar. Then it started upward movement and broke the $8000 level after that $8500 levels, now above $9000 USD. Trend index for Bitcoin is currently Strongly bullish while the OB/OS index for Bitcoin is overbought. The volatility index is high in case of BTC/USD at this time.

Bitcoin BTC/USD Technical indicators

If we look at the technical indicators like moving averages and oscillators we find that almost all of them are strongly recommending buying. The Volume Weighted Moving Average (20) is 8204 and Hull Moving Average (9) is 9020 and both of them are in the strong bullish zone recommending buying.

Bitcoin BTC Price Analysis
Bitcoin BTC/USD Price Chart by TradingView

As far as the technicals are concerned the price of Bitcoin is in the middle of a rally and might soon hit $10,000 before the end of the next week. While the short-term target for BTC is around $9430 and $10,000 in the medium term.

The MACD Level (12, 26) for BTC is 159.6437 on an hourly basis which is recommending buying. While the Relative Strength Index (14) and Stochastic %K (14, 3, 3) are in the neutral zone.

BTC/USD Key levels

Major Support Level – $8,700

Major Resistance Level – $9,500

Ashish is a cryptocurrency journalist who has been passionately involved in the bitcoin space since 2016. His interests lie in bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.