Bitcoin (BTC) Price Analysis — February 20

  • The BTC price faces resistance at the $4,200 price level.
  • The crypto's price is likely to rise if more buyers come in at the $4,000 price level.

Bitcoin, BTCUSDBitcoin Chart by Trading View

BTCUSD Medium-term Trend: Bullish

  • Resistance levels: $7,000, $7,200, $7,400
  • Support levels: $3,700, $3,500, $3,300

The price of Bitcoin is still in the bullish trend zone after the February 8 price rally. There is a fresh upward price movement after the range bound movement. The crypto's price is making a series of higher highs and higher lows as the price rises from the $3,700 to the $4,000 price levels. The BTC price is likely to face resistance at the $4,200 price level.

If the bulls face resistance at that price level, the crypto will be forced to a range bound movement. On the upside, if the bulls have a price breakout, the crypto will revisit the highs of $4,500 and $5,000 price levels. Meanwhile, the stochastic band is at the overbought region and above the 80% range which indicates that the crypto is in a strong bullish momentum and a buy signal.

BTC/USD Short-term Trend: Bullish

Bitcoin, BTCUSDBitcoin Chart by Trading View

On the 4-hour chart, the price of Bitcoin is in a bullish trend zone. The BTC price is in a smooth uptrend. The crypto's price is trading at $4,034 and approaching the resistance level. Nevertheless, since on November 24, the bulls have not been able to break above the $4,200 resistance level.

The crypto's price is likely to rise if more buyers come in at the $4,000 price level. A price breakout will make the price of Bitcoin to appreciate in value and attract more buyers. Meanwhile, the stochastic band is at the overbought region and above the 80% range which indicates that the crypto is in a strong bullish momentum and a buy signal.

 

 

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.

Weekly Newsletter

Report: Bitcoin Top Performing Crypto for Q2 2019

Michael LaVere
  • Bitcoin outperformed all other crypto-assets in Q2 2019 according to a CoinGecko report. 
  • Top 5 cryptocurrencies now control 86% of the market. 

Bitcoin was the top-performing cryptocurrency in Q2 2019, despite the rocky price volatility hitting the market. 

Bitcoin Dominance

According to a new report published by CoinGecko, bitcoin outperformed all other digital currencies during the second fiscal quarter of the year.

BTC posted a net gain of 165%, compared to the second-highest performing currency of bitcoin cash at +137%. Ethereum placed third at +107%, with litecoin and XRP rounding out the top five at +103% and +28%  net gains, respectively. 

The average return for the top five currencies in Q2 2019 was +108%, showing an overall robust turn in the marketplace for crypto-assets compared to last year. 

top 5 cryptocurrencies coingeckoTop 5 performing cryptocurrencies during Q2 2019 | Source: CoinGecko

In addition to leading the pack in terms of gains, bitcoin also consolidated its market dominance, while EOS and XRP experienced a retraction. 

According to the report,

 

“Bitcoin’s market dominance increased significantly in Q2 2019, from 54.6% to 65.0% (+10.4%). XRP and EOS lost nearly half of its market dominance. XRP decreased from 9.8% to 5.7% (-4.1%) while EOS decreased from 3.3% to 2.0% (-1.3%).”

 

While bitcoin’s gain in dominance was impressive, the entire top five separated itself from the general pack of altcoins during the last fiscal quarter. 

The report continues, 

 

“Almost all other coins lost market dominance in Q2. By end Q2 2019, the top-5 coins comprised approximately 86% of the overall market capitalization.”

 

Overall Crypto Growth

However, the entire market of crypto increased during that time. CoinGecko called the most recent quarter a “crypto summer,” with total market capitalization for crypto-assets gaining over $200 billion and obliterating previous expectations.

Trading volume also rose steadily, nearly doubling by the end of Q2. 

cryptocurrency market cap trading volume coingeckoTotal market cap and trading volume rose throughout Q2 2019 | Source: CoinGecko

Despite the introduction of Facebook’s libra in June, the price of bitcoin continued to climb on a meteoric rise from $4,000 to above $10,000. CoinGecko reported bullish sentiment growing throughout the quarter, with the original cryptocurrency gaining in positive mentions through social media. 

Bitcoin also eclipsed “stocks” in overall search volume on Google for the first time since Q4 2017, when the price of btc hit its last all-time high.