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Bitcoin price today in dollars


Bears and bulls are fighting a huge battle in the cryptocurrency market. BTC has been trying to hit and exceed $ 10,000, but nothing that succeeds. Bitcoin price today is $ 9,160. If you are interested in knowing if this is a good time to buy, check out this post.

Is it worth investing in Bitcoin at the current price?

Despite the difficult nature of the current situation, with the probability of an increasing sudden drop, the technical analysis indicates that in the medium and long term, the bulls continue to be in control. A trend that is undoubtedly caused by the important fundamentals behind Bitcoin.

For some time now, many analysts have been announcing that 2020 will be a great year for the crypto market. A sentiment mainly driven by the already celebrated Bitcoin Halving, which reinforces its deflationary nature, confronting it with a system where the injection of liquidity through fiat printing becomes customary.

The entry of the greats into the crypto ecosystem is becoming more and more notable, as at least they invest in crypto assets to hedge against the possible devaluation of the main fiat currencies.

While interest in BTC continues to increase, supply continues to decrease. Holders hold their positions with a long-term vision in mind, and the same code dramatically decreases supply, making the current scenario a perfect one for a bullish explosion.

Grayscale, the most important crypto asset manager, has bought in the last week almost 3 times the issuance of new Bitcoin, and almost double what has been issued since the celebration of Halving.

Stock to flow

With a predetermined issue, there is a metric for forecasting the price of Bitcoin widely recognized in the crypto ecosystem.

The Stock-to-Flow model tries to compare BTC with products such as gold or silver, which are characterized by functioning as value reserves, due to their scarcity.

Like precious metals, the largest of cryptocurrencies is also scarce, in fact it is the first digital asset to achieve this quality.

The amount of coins is limited, and it takes a lot of electricity and computing power to extract the barely 3 million units remaining, so its emission rate is very low.

Stock to flow evaluates the available quantity of the product, against new production for a specific period of time. A high proportion indicates that the merchandise is scarce and, consequently, more valuable.

The price of Bitcoin today is in a moment of high tension, entering a stage where, according to this metric, a large appreciation is most likely to happen, as a result of the recent drastic decrease in supply with the Halving event.

Knowing exactly when it will rise is extremely difficult, however, we can follow the price through technical analysis, and average entry and exit zones analyzing the historical behavior of market participants, we will see this below.

Moving away from volatile fluctuations, it’s time to buy!

Another graph that has gained popularity in the crypto ecosystem is the Bitcoin Rainbow, a fun indicator, where different zones are colored by different areas to enter and exit the market. Mainly guided by the emotions that investors live and that largely lead them to make irrational decisions.

This indicator is giving bullish signals, as it is in the light blue zone called: Buy!

This is nothing more than an averages chart, with which we can put aside the concern about volatile fluctuations, and focus on that there is enough space to generate profits in the long term.

In the past it has worked quite well. However this does not guarantee the future, but it can work as a guide if you are in favor of the bases that have kept Bitcoin in constant growth.

Bitcoin price technical analysis

In the medium term, as I commented in previous paragraphs, the trend remains bullish, quickly identified with the moving averages of the 8 EMA and the 18-week SMA crossed to the upside.

As long as the price remains above USDT 8,720, this direction remains intact.

There is a very relevant barrier at USDT 10,400 approximately, which has consistently been an obstacle for bulls. Breaking it would be the best sign to think about a major bull run, for now, the situation is quite unstable, and the bears could look for nearby supports.

Technical analysis of the price of Bitcoin. Source: TradingView
Technical analysis of the price of Bitcoin. Source: TradingView

Daily seasonality

In the short term we have a very clear direction, as a result of a consolidation that is going through the price, with residence at USDT 9,940 and support at USDT 8,720.

On June 22 there was a bullish attempt. However, today the bears are in control again, but facing a small intra-day support zone.

It is really difficult to forecast relevant movements right now, but chances are USDT 8,700 will be sought in the next few hours.

The 200-day SMA is still bullish, and could be working as dynamic support if the bears try to drag the price down.

Despite what may be happening in the very short term, I reiterate my bullish position based on a vision of the big picture.

Either way, a sudden and volatile drop will also be outlined to keep you informed.

Bitcoin price today. BTC USDT chart. Source: TradingView
Bitcoin price today. BTC USDT chart. Source: TradingView

And what do you think? Will it be a good time to buy Bitcoin at today’s price? Let us know your opinion in the comments!

All our publications are for informational purposes, so they should not be accepted as investment advice under any circumstances.

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