Cryptocurrency

The price of Bitcoin today in dollar

The bears and bulls are fighting a great battle in the market of cryptocurrencies. BTC has been trying to reach and exceed us $ 10,000, but nothing that achieves this. The price of Bitcoin today is $ 9.160. If you are interested in knowing whether this is a good time to buy, check out this publication.

Is it worth investing in Bitcoin at the current price?

Despite how difficult the current situation, with the likelihood of a sudden drop in increase, the technical analysis indicates that medium-and long-term, the bulls continue to have the control. A trend which is caused without any doubt by the important fundamentals behind Bitcoin.

For a good time, many analysts have been announcing that the 2020 will be a great year for the market in crypto. A feeling is mainly driven by the now-celebrated Halving of Bitcoin, which reinforces its nature deflationary, confronting a system where the injection of liquidity through the printing of fiat becomes habit.

Every time is more noticeable on the entrance of the large ecosystem crypto, as a minimum invest in assets cryptographic to hedge against the possible devaluation of major currencies fiduciary.

While the interest in BTC continues to rise, the supply continues to diminish. The holders retain their positions with a view to implementation in the long term, and the same code dramatically decreases the supply, which makes the present scenario, one perfect for an explosion upward.

Grayscale, the asset manager cryptographic most importantly, has bought in the last week, almost 3 times the issuance of new Bitcoin, and almost the double of what issued from the celebration of the Halving.

Stock to flow

With a broadcast default, there is a metric to predict the price of Bitcoin, widely recognized in the ecosystem crypto.

The model of Stock-to-Flow, you try to compare it to the BTC with products such as gold or silver, which are characterized by functioning as a reserve of value, due to their scarcity.

Like the precious metals, the largest of the cryptocurrencies is also scarce, in fact it is the first digital asset that is achieved is quality.

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

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

The price of Bitcoin today is in a time of high tension, coming to a stage where you as it is metric, a large revaluation is most likely to happen, the product of the recent dramatic decline of the offer with the event of Halving.

Know exactly when you are going to upload is extremely difficult, however, we can follow the price through technical analysis, and average areas of inputs and outputs by analyzing the historical behavior of the market participants, this is what you’ll see below.

Moving away from the fluctuations volatile, it is time to buy!!!

Another chart that has gained popularity in the ecosystem, crypto is the Bitcoin Rainbow, a fun indicator, where it is separated by colors into different areas to enter and exit the market. Mainly guided by the emotions that live by the investors and which in large part lead them to make decisions irrational.

This indicator is throwing signals bullish, as it is in the blue area clear call: just Buy it!

This is nothing more than a graph of averages, with which we can leave to one side the concern for the fluctuations, volatile, and focus on that there is enough space to generate profits in the long term.

In the past it has worked fairly successful. However this does not guarantee the future, but yes that can work as a guide if these in favor of the foundations that have kept Bitcoin in a constant growth.

Technical analysis of the price of Bitcoin

In the medium term, as commented in previous paragraphs, the trend remains bullish, quickly identified with the moving averages EMA and 8 SMA 18 weeks to cross to the upside.

While the price will keep above the USDT 8.720, is address remains intact.

There is a very important barrier in USDT 10.400 about, that has constantly been a obstacle for the bulls. Quebrarla would be the best signal to think about a major run upward, at the moment, the situation is quite unstable, and the bears could find stands nearby.

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

Temporality daily

In the short plazono we have a very clear direction, the product of a consolidation that is going through the price, with residence in USDT 9.940 and support USDT 8.720.

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

It is really difficult to predict movements relevant at this moment, but what is more likely is that they are sought after os USDT 8,700 in the next few hours.

The SMA 200-day 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 position bullish in function of a vision of the complete picture.

Of any form, a sudden and volatile, will also be reviewed, so as to keep you informed.

Price of Bitcoin today. Chart BTC USDT. Source: TradingView.

What do you, 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 of an informative nature and in no case should be followed as the advice of investment.

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About the author

Belinda Carey

Belinda Carey

A finance girl by education, Belinda has been drawn to cryptocurrencies ever since Bitcoin first emerged in the 2009. Nearly a decade later, Belinda is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies.

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