NewsPrice Analysis

BTC/USD Breaks Resistance At $10k, How Far Can The Bulls Rally?

Bitcoin has broken the long-held critical resistance level at $10,000. The top cryptocurrency seems to be on a bull rampage which may eventually land it some more gains after days of crawling below the $9,500 level.

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As we expect more in the coming days, bitcoin is seen to have begun what many views as a bull rally which may set the price above the $10,000 support level for a long period of time. However, anything is still possible from here.

At the time of writing this piece, bitcoin changes hands at $10,115 after gaining 6% since 24 hours ago. Its market capitalization has grown also to $186.07 billion amid a considerable $37.93 billion 24 hours trading volume. Interestingly, this time, bitcoin seems to have to lead the general crypto markets while altcoins share gains alongside bitcoins.

Monday, June 1 21:34 hours UTC, the price of bitcoin spiked up consistently until it temporarily peaked at $10,185. The eating phase was achieved early on June 2, 00:49 hours UTC.

Amid struggles to overcome the resistance at $10,200, the bulls conceded a little defeat as prices fell slightly downward. At the moment, BTC is looking to overcome the resistance at $10,500 again.

BTC/USD Technical Analysis

Prices seem contained between a rising wedge pattern which keeps the bulls in control. The lower limit of the wedge is capped between $8,800 and $10,000 of a rising support level. In the event that the bulls take over the markets, it is unlikely that prices will fall below the $9,600 level for a long time.

BTC printed a bullish engulfing candle around the $9,600 level, signalling a potentially successful bullish movement. As the bulls made this ride to the top, prices made a little pullback towards $10,100 (1.68 Fibonacci retracement level). This also confirms that the bears are acting against prices beyond the upper rising resistance. 

The upper limit is capped between $9,500 and $10,500 of a rising resistance range. In the short term, prices will consecutively test the highest point of resistance at $10,500 for a breakout.

If the bulls succeed, we may see bitcoin beyond $10,500 in the coming days. Otherwise, prices may consolidate within the wedge for a longer period, stabilizing the price between $10,000 and $10,500.

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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