After a slight pullback, Bitcoin and other coins have continued their ongoing growth. However, it doesn't apply to all cryptocurrencies. The biggest loser is Bitcoin SV (BSV) whose price has declined by 4.54 percent over the last 24 hours.
At the same time, this altcoin rally affected the market share of Bitcoin (BTC) that has dipped to 66 percent.
The relevant Bitcoin data is looking the following way.
- Name: Bitcoin
- Ticker: BTC
- Market Cap: $170 251 323 987
- Price: $9 357,60
- Volume (24h): $27 844 319 563
- Change (24h): 0.24%
The data is relevant at the press time.
BTC/USD: Is this the right time for the expected correction?
Even though buyers have regained their positions from the area around $9,200, our earlier price prediction remains relevant and bears might retest this zone shortly.
On the four-hour chart, Bitcoin (BTC) is getting weaker from a short-term perspective. The trading volume index is going down, confirming increasing selling pressure.
Moreover, the last four-hour candle is expected to close without shadows, which means that the coin is likely going to range between $8,500-$9,000 as it is outlined on the chart.
The daily chart shows us a possible formation of the head-and-shoulders (H&S) pattern. In this case, the local bottom line is the area of $8,700 may be touched on Feb. 6. If buyers hold that level, the long-term trend is about to continue with the next target of $9,300 as mentioned on the chart.
Bitcoin is trading at $9,307 at press time.
