Bitcoin Price Today Still Around $9,250, BTC Can Grow But Does Not Want To

UTC by Dmitriy Gurkovskiy · 4 min read
Bitcoin Price Today Still Around $9,250, BTC Can Grow But Does Not Want To
Photo: Depositphotos

On Thursday, July 2nd, the BTC rate is aiming upwards but the activity of investors has diminished. The leading cryptocurrency is generally trading at $9264.

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex.

  • Analysis of Bitcoin price today.
  • The state security legislation in Hong Kong – the BTC is ready to the reaction.
  • The BTC network processed a transaction per 1 billion USD.

On W1, the BTC stopped under the resistance level and formed a pullback. Technically speaking, we can see the Bitcoin price today above 50.0% Fibo. This consolidation hints on a possible breakaway of this level. The aim of a decline in the present situation may be 38.2% Fibo. The MACD keeps moving near zero, which means the continuation of the flat. The Stochastic has formed a Black Cross between 20 and 80, which indicates the ambiguity of market moods.

Photo: RoboForex / TradingView

On D1, the picture is similar to W1, nothing has changed significantly. The pair has broken the lower border of the channel and keeps trading in a small range. On the chart, it looks like a flat. The MACD histogram is under zero; the signal line has escaped the histogram and is forming a Black Cross, increasing the chance of the quotations for further declining. The W1 and D1 together promise a sad picture in the medium term: there are currently more reasons for a decline than for growth. The aim of the decline on D1 is 61.8% Fibo.

Photo: RoboForex / TradingView

On H4, the BTC/USD pair gives no reason for joy either. It has left the borders of the descending channel and is forming a downtrend. The Stochastic has formed a Golden Cross near the oversold level, which may indicate growth in the nearest future with the aim at the upper border of the channel. In the medium run, a bounce off the resistance line may draw the price down with the aim at $8675.00 USD.

Photo: RoboForex / TradingView 

Already adopted state security legislation came into force in Hong Kong yesterday. The law had provoked turbulence in the population. The US was actively against the legislation, threatening interference in the domestic policy of China. Now that the law has come into force investors are expecting some reaction from Washington – including the implementation of sanctions against China. This may influence assets, cryptocurrencies as well, especially the BTC. If the geopolitical factor, indeed, runs out of control, the BTC rate will grow.

This week, the BTC network has processed a transaction sized 1 billion USD. The user is known to have sent over 100 thousand BTC and paid a commission fee of fewer than $0.50 USD. The wallet sending the cryptocurrency was anonymous. Then, according to the network, the finance split into two flows: they were sent to different addresses, which made the transaction way even more complicated. Later on, the cryptocurrency stopped moving. Watchers interpret such movements as proof of the work of financial pyramids because normally, transactions are voluminous, active, and receiving wallets are always anonymous.

Not that this transaction affects the BTC reputation in some way but the very fact of some shadow operations going on is not the most positive.

In five years, the BTC could bring its users a higher profit than the leading global indices (in the case of the absence of abrupt buys and sales). According to the Bys Shares’s observations, 5-year investments in the cryptocurrency could yield some 3400% of the profit while investments in the NASDAQ index – only 96%. The S&P 500 index grew by 46%, DJIA – by 42%.

The last six months have been a real blow for exchanges as they have been the times of the coronavirus, mass limitations, escaping from risks, and panic. On the other hand, the BTC could have grown more if the regulation period had not extended and had given some palpable results by now. Bitcoin price today seems to be stuck at the current level.

Disclaimer: Any predictions contained herein are based on the author's 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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