In recent days, Bitcoin has struggled to exceed $ 10,000. Yesterday, the cryptocurrency was turned down from key resistance for the second time in a week for the second time in a week, dropping to $ 9,200 just hours after it failed to break down into five digits.
But analysts are convinced that Bitcoin will start collecting more than $ 10,000 in the coming weeks.
Bitcoin is preparing for an increase of over $ 10,000
According to the same trader who predicted that Bitcoin would drop to $ 3,200 in 2018 six months in advance, BTC is about to accumulate over $ 10,000.
Sharing the chart below, the analyst noted that “Bitcoin [recently] smashed fits “a major technical resistance while the cryptocurrency has held crucial historical levels, leading him to conclude that a move towards $ 11,500 is possible in July.
The positive outlook has been shared by other analysts.
As reported by NewsBTC, a popular trader noted that as long as Bitcoin holds $ 9,350 on a notable timeframe like the past few days, the cryptocurrency could be cleared to pass $ 10,000:
BTC access granted to bulls. Price trading above my bull trigger, let’s see if it’s valid. Above both the monthly + weekly S / R levels and the low timeframe range high. Stay above ~ $ 9350 and I see us chasing $ 10.5k. ‘
Related reading: Bitcoin can get a huge boost if Democrats propose $ 3 trillion in extra stimulus
Sales wall can stop any rally in the short term
As the technical prospects develop in favor of bulls, there is a $ 10,000 level sales wall building that poses a short-term threat to Bitcoin.
According to a well-known crypto trader, there is a remarkable amount of sales pressure at $ 10,000.
He noted on May 14 that there are 2,461 BTC of sales orders for $ 10,000 on Binance and 500 BTC of sales orders for $ 10,000 on Bitstamp, according to market data. In addition, there are hundreds of coins with sales offices ranging from $ 10,000 to $ 10,400 on other exchanges, indicating a sales wall worth at least $ 30 million.
While $ 25 million may not seem like much, the last time Bitcoin saw a sales wall crashed.
As previously reported by NewsBTC, on May 9, the cryptocurrency ran into a massive $ 30 million sales wall from the price of $ 10,010 to $ 10,230.
In the two days after this sales wall was found, the cryptocurrency collapsed $ 2,000, crushed because bulls couldn’t exceed that key level.
Related reading: Bullish for Crypto: The Federal Reserve’s balance sheet explodes to $ 6.9 trillion
Photo by Wolfgang Lang on Unsplash