Home Price Analysis Bitcoin Price Analysis: Faces Strong Resistance at $10,500, But is a...

Bitcoin [BTC] Price Analysis: Faces Strong Resistance at $10,500, But is a rally to $14,000 Imminent?

Bitcoin is a peaceful protest says Changpeng Zhao, the CEO of Binance. It’s an endorsing statement from the leader of one of the largest cryptocurrency exchanges.

The ramp draws billions of dollars in trading volumes and has been positioning itself for a token future by acquiring key assets.

When analyzed, his statement is true. Bitcoin was a project of expression. Satoshi Nakamoto built a resilient network driven by communal ideals and most importantly decentralization.

Development around BTC in Coming Years

That has been a success thus far since the network, as acknowledged by regulators, is far the most decentralized where different complex trading products can be derived from.

Bitcoin ETF may be launched if not this year, in the next few years once regulator demands have been met. Nonetheless, the robustness of Bitcoin is what draws different form of investors.

Prices may fluctuate but in the mid of this, there are traders who continue to reap big profits.

Bitmain releases the Antminer T19 with 84 TH/s Hash Rate

Going forward, multi-billion businesses around the network are launching new products. Bitmain recently launched the Antminer T19.

With 84 TH/s, it has high hash rate, a perfect requirement to counter falling computational power as miners operating from zones with high electricity costs switch off their gear as they struggle to break even.

Still, the Antminer T19 has high energy requirement and may not be feasible at current spot rates. Nonetheless, this is progress and a move that is welcomed by the community who strongly believe in Bitcoin and its ideal as the George Floyd death forces a re-organization and a re-though of how traditional systems operate.

BTC/USD Price Analysis

Bitcoin Daily Chart for June 5, 2020

At the time of press, BTC prices continue to oscillate in a tight range below $10,000. While candlesticks of the last two days range within June 2, 2020 high-low, odds are BTC may fall should bulls fail to first reverse losses of June 2, and secondly, fail to close above a multi-month resistance line at above $10,500.

There were attempts last week. However, the resulting FOMO didn’t thrust price above this zone. As such, the best course of action for risk-averse traders is to take a wait-and-see approach and only initiate longs once BTC edge past $10,500 as bulls break out above this accumulation (or distribution)—highly dependent on the direction.

A close above $10,500 with decent volumes exceeding those of June 2 could spur another wave of higher highs towards $14,000 or Feb 2020. On the reverse side, losses below $9,000 or June 2, 2020 will confirm the double-bar bear reversal pattern of June 1-2. In this case, a fall towards $8,500 will be highly likely.

Disclaimer: This is not investment advice. Opinions expressed here are those of the author and not the view of the publication.


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Dalmas Ngetich
Dalmas Ngetich
Dalmas is a very active cryptocurrency content creator and a highly regarded technical analyst. He has worked in various media as an analyst. He is passionate about blockchain technology, the futuristic potential of cryptocurrencies and enjoys the opportunity to help educate bitcoin enthusiasts through writing about his knowledge and analysis of coin price charts.
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