Bitcoin needs to break $10000 mark

18 May, 2020

Bitcoin’s latest run towards the $10,000 mark will be watched closely by the market to see it it is finally able to break this key resistance level, something it has been unable to do for some time. The most recent attempt saw the world’s favorite cryptocurrency strongly rejected and this level and the price tumbled to around $8100 before starting the latest recovery.

The most recent news that caused bitcoin’s latest rally was the halving process, which cuts the reward miners receive for each new coin they create in half. Now that this is behind us it is going to take some extra ordinary news to push the price past the psychological $10,000 mark

"In my view, $10,000 to $10,300 per bitcoin is a significant resistance area indicating decreasing confidence in prices at that level," noted analyst Simon Peters "Bitcoin has struggled to pass it on numerous occasions since the drop in September 2019. It could be that if we do see bitcoin hit $10,000 again, it will be followed by another short retracement like Sunday’s, and prices staying in below for a few months or so." He added.

The recent threat of a 2nd round of the coronavirus may be such an event to push the bitcoin price significantly higher as this would once again cause financial markets to umble and leave investor’s looking for safehaven assets which Bitcoin seems to have recently become.

At the time of writing this article the price is hovering around $9700 so ththe next few day’s will be crucial in determining the momentum and if we will see another strong rejection of the price of a clean break through the $10,000 dollar mark.


Source  
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