- Bitcoin surges past critical long-term resistance level at USD 10,000
The price of Bitcoin rallied to as high as USD 10,500 overnight and continues to hold above USD 10,000 as of this writing. This is the first time since February that Bitcoin has broken through the USD 10,000 level. Further, now that Bitcoin is over USD 10,000, it has 100% recovered from its losses during the height of the coronavirus pandemic.
Notably, Bitcoin has also broken through a long term descending resistance line that has been in place since the all-time high of USD 20,000 in December 2017. This resistance line capped the 2019 high of USD 14,000, and the high earlier this year of USD 10,500, but now this resistance has been broken. Some analysts are calling it the biggest Bitcoin breakout ever.
And here it is on a log scale… this is the biggest chart pattern break out thus far… pic.twitter.com/WSNYLLvvrT
— Raoul Pal (@RaoulGMI) June 2, 2020
Overall, it seems that the long-anticipated ‘halvening’ rally is finally coming to fruition, and generally the crypto space is optimistic that a much bigger Bitcoin rally is imminent. Indeed, if Bitcoin can hold above the USD 10,000 level for a significant amount of time, then a surge to USD 11,000-12,000 seems likely.
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