The new month of June brings new vibes to the primary cryptocurrency. After five failed attempts to break the $10,000 resistance level and its descending trend-line during the month of May, it finally happened on the first day of June.
Bitcoin price just broke the huge resistance and spiked to reach a high of $10,500 on most exchanges. As of writing these lines, Bitcoin retraced a bit and now trading safely above the $10K benchmark level.
The $10,000 was reached on May 7, 2020, just a few days before the halving event. However, the cryptocurrency didn’t hold it for long and quickly dropped to $8K over the following days.
3 Months of Pandemic
Following the breakout, Bitcoin records its highest level since February 13, 2020, the day when the primary cryptocurrency reached the price of $10,500, the same levels it recorded just an hour ago.
Bitcoin saw volatile times over the past months, whereas the lowest price reached was $3650 on BitMEX exchange on March 12, 2020. Bitcoin’s volatility was correlated with the global markets, while Wall Street tumbled around 30% at its peak during mid-March.
Now, following NASDAQ’s V-shaped recovery since the February all-time highs, Bitcoin finally catches up and regains the 5-digits numbers.
Next Major Targets For BTC
Following the breakout, Bitcoin is now facing a colossal resistance level at $10,500, which is also the 2020 high from mid-February.
In case Bitcoin can break above, the next targets would be $10,600, $10,800 and $11,000. Further above lies $11,400.
After today’s massive move of over $1000, a healthy correction is also an option: Support levels lie at $10,200, while Bitcoin might also retest $10,000 to confirm it as support, and even retest $9800 once again.
Technical indicators: as we mentioned here, a breakout of the mentioned descending trend-line, as can be seen on both charts below, together with RSI’s breakout above its corresponding descending line, and Bitcoin might reach new year’s highs.
Over the past two days alone, Bitcoin’s market cap had increased by more than $10 billion, while the value of the altcoins shrunk against Bitcoin following the increase of the dominance.
Total Market Cap: $283.5 billion
Bitcoin Market Cap: $186.5 billion
BTC Dominance Index: 65.8%
*Data by CoinGecko
BTC/USD BitStamp 4-Hour Chart
BTC/USD BitStamp 1-Day Chart
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Cryptocurrency charts by TradingView.