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Bitcoin is set to break one way or the other

Written by  Jun 09, 2020

Over the past few days, bitcoin price struggled to gain traction above the USD 9,850 resistance. BTC is currently (08:30 GMT) trading above USD 9,650 and holding the key USD 9,550 support zone.

It seems like the price looks set to make the next major move either above USD 10,000 or back towards USD 9,000.

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Similarly, most major altcoins are stuck in a range and preparing for the next move, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD must break the USD 250 resistance to start a strong increase, and XRP/USD must settle above USD 0.210 for a sustained upward move.

Total market capitalisation

Bitcoin and Altcoins Looks Set For The Next Crucial Break 101
Source: www.tradingview.com

Bitcoin price

After a few attempts to clear USD 9,850, bitcoin price started trading in a range. BTC remained well bid above the USD 9,650 and USD 9,550 support levels. On the upside, the first hurdle for the bulls is near the USD 9,850 level. The main resistance is still near the USD 10,000 level, above which the price could break to the upside and rally to USD 10,400 or USD 10,500.

If there is no upside break, the price is likely to start a major decline below the USD 9,650 and USD 9,550 support levels in the near term.

Overall, bitcoin price is likely preparing for the next major move either above the USD 9,850 resistance or below the USD 9,550 support. The chances to the upside are high unless there is another major rejection near USD 9,850 or USD 10,000.

If you are new to the Cryptocurrency world and would like to open an account we recommend Cex.io.

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Paul Saunders

Crypto tech journalist, Paul specialises in Crypto news having worked and traded in the field for over 5 years and has previous Blockchain admin roles to his credit. His knowledge and experience in Crypto tech is very important to us and his contribution is invaluable.

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