Bitcoin Trading Below $11K Now, BTC Price Wants to Grow but Cannot

UTC by Dmitriy Gurkovskiy · 3 min read
Bitcoin Trading Below $11K Now, BTC Price Wants to Grow but Cannot
Photo: QuoteInspector

On Thursday, July 30th, the BTC growth rate has slowed down. The cryptocurrency is generally trading at $10,936.

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex.

  • Bitcoin trading below $11,000 again: BTC price tech analysis
  • Commission fee for BTC transactions has grown
  • New records of BTC trade in the Chicago Mercantile Exchange
  • The growth of the BTC rate: new forecasts

On W1, the price has broken the upper border of the descending channel. The quotations keep growing to the resistance level at 100.0% Fibo. The MACD histogram has entered the positive zone, which must be a reaction to the large number of buys that provoked the growth of the quotations. The signals lines keep intertwining after forming a Black Cross, which again indicates an upcoming decline. The Stochastic has not reacted to the growth of the price and remains between 20 and 80, which means the market is unstable.

Photo: RoboForex / TradingView

On D1, the BTC/USD quotations behave almost as on W1: the pair is forming a correction after swift growth. The aim of the decline is the support level and the lower border of the ascending channel. The MACD histogram is still in the positive sector, which means the ascending impulse may continue after the correction. The signal lines of the indicator demonstrate growth, which is yet another signal of the decline. Taken together, W1 and D1 still forecast further growth of the coin.

Photo: RoboForex / TradingView

On H4, the pair has the same perspectives as on larger timeframes. It has grown abruptly and is now trading near the horizontal resistance level. The Stochastic has formed a Black Cross and rests in the overbought area, which is another signal of the growth.

Photo: RoboForex / TradingView 

Since last week, BTC transactions have become more expensive for users. It turns out that an average commission fee has grown by 750%. While a month ago, on June 28th, a standard BTC transaction cost 0.68 USD, today it would cost 5.80 USD. Bigger sums are charged for a higher speed of transactions.

The BTC network has been enjoying higher activity these weeks. The growing load on the blockchain decreases the throughput of the network because none of the major players has yet loved the scalability problem. Due to this, the queue of unconfirmed transactions also grows. Users are ready to pay more not to wait in the queue.

In the Chicago Mercantile Exchange (CME) the number of open selling and buying positions for the BTC has set a new record. The overall sum reached 724 million USD, renewing the all-time high of 532 million USD registered in March. The catalyst for the increase was the swift growth of the leading cryptocurrency price.

The growth of the BTC rate in July attracted a lot of attention. After a drop to 3800 USD in March, the leading cryptocurrency restored smoothly, teaching 11000 USD by the end of July. The market agrees on the perspective of further growth – the question is, to what limits.

The expectations rest within a wide range between 20000 and 50000 USD, and these are just the forecasts that have some clear fundamental or technical base.

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
Kseniia Klichova
Author: Dmitriy Gurkovskiy

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

Related Articles