Bitcoin Price Seems to Be Stuck Near $9,500 Now, BTC Activity Hits Zero

UTC by Dmitriy Gurkovskiy · 3 min read
Bitcoin Price Seems to Be Stuck Near $9,500 Now, BTC Activity Hits Zero
Photo: Depositphotos

On Thursday, June 18th, the leading cryptocurrency behaves atypically, hardly moving at all. Bitcoin is trading at around $9,500 now.

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex.

  • Bitcoin price analysis.
  • The difficulty of mining BTC has increased now.
  • Microsoft is testing a BTC-based product.

On W1, the Bitcoin stopped under the resistance level. Technically speaking, the cryptocurrency keeps trading under 61.8% Fibo. This consolidation means another bounce off this level. The aim of the decline would be 50.5%; then falling may continue to 38.2% Fibo. The MACD keeps moving near zero, which means the continuation of the flat. The Stochastic has formed a Black Cross between the levels of 20 and 80, indicating the ambiguity of market moods.

Photo: RoboForex / TradingView

On D1. the picture is similar. It has broken the lower border of the channel and keeps trading near the resistance level. On the chart, it looks like a flat. The MACD histogram is near zero. The signal line has escaped the histogram and is forming a Black Cross, predicting a soon decline in the nearest future. Judging by the factors on W1 and D1, the mid perspective is not favorable for the cryptocurrency. A decline still looks more probable than growth.

Photo: RoboForex / TradingView

The H4 does not promise growth either. The price has escaped the borders of an ascending channel but is trading under the horizontal resistance level. The Stochastic has formed a Golden Cross, almost reaching the oversold level, which might mean the continuation of the flat. In the mid perspective, a bounce off the horizontal resistance level may drag the price down to $8675.00 USD.

Photo: RoboForex / TradingView

During the last two weeks, the difficulty of mining the BTC has increased significantly – by 14.95%. Judging by the observations, the difficulty amounts to 15.78 trillion hashes. The higher the indicator values, the more difficult it is to mine. The current increase is the highest since 2018.

What might the reason be? The easiest explanation is that new miners joined the network. They might be those producers of the cryptocurrency who earlier put their activities on a halt due to the drops in the profitability of the business and high volatility. However, as soon as the BTC network underwent a halving and the cryptocurrency price started growing, the miners returned to work.

The Microsoft corporation started testing a new product based on the BTC. This is a technology that will allow creating decentralized digital accounts and profiles. It is likely to yield demand in social networks; if so, the demand for the technology may be extreme. The product is called ION and will help create accounts containing, for example, some personal data. With the approach being tested, all the information will belong to the user, not the service, as practiced now. If all this is try, with ION, Microsoft will make a colossal step forward.

Regardless of being considered a “dinosaur” by the market, in reality, Microsoft has long been developing progressive technology. For example, it became known about its patent on a principally new mining system that will use the data of the user’s physical activity for mining cryptocurrencies. Is this not the future?

Disclaimer: Any predictions contained herein are based on the authors' particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

Bitcoin News, Cryptocurrency news, Guest Posts, News
Dmitriy Gurkovskiy
Author: Dmitriy Gurkovskiy

Dmitriy Gurkovskiy is a senior analyst at RoboForex, an award-winning European online foreign exchange forex broker.

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