RATE Group | Is Bitcoin Price Finally Ready for Breakout Above $10,000?
89601
post-template-default,single,single-post,postid-89601,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Is Bitcoin Price Finally Ready for Breakout Above $10,000?

30 May Is Bitcoin Price Finally Ready for Breakout Above $10,000?

Posted at 16:17h in Bitcoin News by

The price of Bitcoin (BTC) had seen a substantial rally before the halving, as the price topped at $10,100. Since then, the BTC price has been hovering inside a sideways range between $8,200 and $10,000.

However, are the markets making itself ready for a breakout above this crucial resistance? Bitcoin is showing strength, but other cryptocurrencies like Ethereum’s Ether (ETH) and Cardano (ADA) are also showing strength with double-digit performances in the past week.

Crypto market daily performance. Source: Coin360

Crypto market daily performance. Source: Coin360

Bitcoin facing $10,000 resistance as a crucial level to break

The 6-hour chart is showing a clear range-bound structure since the high at $10,100. The market showed a pre-halving crash (i.e. buy the rumor, sell the news), after which the price stabilized and consolidated.

BTC/USD 6-hour chart. Source: TradingView

BTC/USD 6-hour chart. Source: TradingView

The chart is showing a breakdown of the rising wedge at $9,800, after which support was found at $8,600. That’s important, as that shows another higher low. The…

Source link

Tags:
, , , , ,