- Bitcoin continues to move in the narrow price range between $9,500 and $10,000 and could prepare for a breakout, according to analysts.
- The Altcoin market around ETH and XRP is following Bitcoin and is also moving sideway.
Bitcoin has been “trapped” in the $9,500 to $10,000 price range for several days, so BTC has not yet managed to break through the important $10,000 mark. In the last 24 hours, the Bitcoin price has risen 1.69% to a price of $9,787.60. The market capitalization has increased from $176 billion to $179 billion.
Bitcoin trader and analyst Josh Rager describes that Bitcoin is at an important point and the bulls must now take the reins. In a chart shared with his community, he describes that Bitcoin must break through the resistance along the $10,000 USD line in order for BTC to continue its bullish performance of the past days and weeks.
$BTC daily trendline from 2017 still in play on logarithmic line chart
Gotta close it out above $10k bulls pic.twitter.com/h48Ax5dg3G
— Josh Rager 📈 (@Josh_Rager) May 19, 2020
Mohit Sorout, co-founder at Bitazu Capital, explains on Twitter that Bitcoin could rise to $11,000 in the next few days. In his opinion Bitcoin has found strong support along the $9,200 mark and is now testing the trend line drawn in the chart. If this can be broken, Bitcoin may reach a new local high.
— Mohit Sorout 📈 (@singhsoro) May 19, 2020
Rafael Schultze-Kraft, co-founder of the data research company Glassnode, describes that there are currently 14% more Bitcoin addresses holding 0.1 BTC or more than a year ago. The report goes on to say that not only small retail investors, but also whales have increasingly bought Bitcoin in recent weeks and significantly increased their stocks
— Rafael Schultze-Kraft (@n3ocortex) May 17, 2020
New data from the analysis platform Skew.com also shows that the volume of BTC Futures Open Interest on the Chicago Mercantile Exchange (CME) has risen to $600 million. This means that investors are preparing to buy Bitcoin at a predetermined price on a specific date.
The Forex and crypto trader “Livercoin” describes that FOMO (Fear of Missing Out) may attract new capital into the market as Bitcoin is close to the $10,000 mark and investors may be afraid of missing another breakout. He goes on to say that a large number of buy orders in the $10,000 to $10,700 price range have been placed on Bitfinex in the last 24 hours.
A bunch of large orders appeared in the 10000 and 10700 region shortly after MM activity stopped on Bitfinex.
— Livercoin (@livercoin) May 19, 2020
Meanwhile, Ethereum shows a strong correlation with BTC and rises by 1.05% to a price of $212.78. XRP shows a similar development and is moving sideways (+ 0.98%). The price of XRP was around $0.20 at the time of writing.
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