Will the Bitcoin award finally reach $ 10,000 this week?
The Bitcoin award saw a 3% move to $ 8,833, bringing the digital asset closer to a retreat of the weekly high. Will it happen before this new week starts?
Bitcoin Prize Must Overcome This $ 10K Key Hurdle
Sentimentally, bitcoins road to $ 10,000 remains strong, and every week, a number of positive media reports reflect the Haitian Consensus for the best digital asset.
The increasing premium on the Grayscale Bitcoin Investment Trust (GBTC) and impressive data from the CME Bitcoin futures show that there is a continuous increase in institutional demand for Bitcoin. In an email to clients, the CME Group explained that:
"May is becoming the strongest month ever for CME Bitcoin Futures." And the exchange commented that "The number of unique accounts continues to grow, showing that the market is increasingly using BTC futures to secure Bitcoin risk and / or access exposure."
Over the weekend, Bitcoin took over consolidated into the $ 8,450 – $ 8,600 range for the majority of Saturday, then on Sunday the digital asset over the $ 8 530 support died for a 3% flow toward the $ 8 840 resistance before returning to $ 8 650.
Cards Profits did not take as much as the 12% off of $ 9,081 that happened last week, and resellers can comfort themselves knowing that BTC remains in a behaved . But it should be noted that the daily chart shows the digital asset trading within a rising wedge, which can be interpreted as a bearish signal.
Popular cryptographer Josh Rager tweeted that Bitcoin's move over $ 8,530 and $ 8,731 shows that the trend remains intact and Rager forecasts that if BTC moves over $ 8,846, then a move to "mid $ 9k "are on the cards.
A number of analysts now suggest that $ 8,200 represents a decisive level of support, and a dip below this point may see bitcoin revising $ 7,000.
Recently, Alex Kruger also shared his analysis of key support and resistance levels for BTC / USD 0 0 and similar to other forecasts, bitcoin has few immediate resistance points over $ 10,000.
Looking Forward
In the short term, Bitcoin seems to have switched to a new $ 8,600 – $ 8,800 range, and it can spend the rest of Sunday consolidation within this zone.
The 4-hour MACD remains bullish and RSI has dropped from 60 and currently at 53. Traders should keep an eye on the hour. RSI's oversold bounce near 42.5 has proven to be quite reliable.
Do you think the Bitcoin price will reach $ 10k this week? Share your thoughts in the comments below!
Pictures via TradingView.com, Twitter, Shutterstock
