Search ForexCrunch
  • Yesterday, on June 10, Bitcoin attempted to crack $10,000 before yet another rejection, not as steep as the others.
  • Things are looking better for the BTC/USD pair and another try at $10,000 is on the horizon.

Bitcoin is trading at around $9,800 after the small rejection but has defended the important daily 12-EMA at $9,701 and it’s getting ready for another attempt at cracking $10,000. This time around, things are looking better as Bitcoin is far closer to $10K already. On June 1, Bitcoin was trading as low as $9,416 before the leg up above $10,000 and most of the move happened within one hour, not a healthy climb.

Why is Bitcoin better suited to beat $10,000 now?

Not only BTC is closer to the infamous $10K level but also the daily uptrend is quite strong even though Bitcoin has been trading sideways for a while. Bulls defending the daily 12-EMA almost for two weeks indicates there is a lot of interest in buying Bitcoin. 

Major trust fund Grayscale is also still buying an enormous amount of Bitcoin and most of the long-term fundamentals are positive for the top-ranked digital asset. According to Glassnode, the balance of Bitcoin on exchanges continues to drop and has seen a huge decline in the last three months and a half. This metric also indicates that there is a lot of interest in at least holding Bitcoin.

BTC/USD daily chart

BTCUSD

BTC/USD technical levels

 

Expert score

5

Etoro - Best For Beginner & Experts

  • 0% Commission and No stamp Duty
  • Regulated by US,UK & International Stock
  • Copy Successfull Traders
Your capital is at risk.