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Analyst explains why $ 10,500 is the main obstacle to Bitcoin

June 2, 2020

For a new one publication by analyst Robert Sluymer from Fundstrat Global Advisors, Bitcoin’s currently most important price barrier is $ 10,500.

Despite all the economic crises caused by the corona virus in recent months, Bitcoin has managed to recover from the fall in prices that occurred during the famous “Black Thursday” of cryptocurrencies – as it became known on March 13, when the market for cryptocurrencies suffered a huge loss within minutes Bitcoin’s price dropped from $ 7,500 to nearly $ 3,600.

Since then, the digital asset has regained its price and has shown little movement in the past few weeks. can be traded in the range of $ 9,500.

Analyst explains why $ 10,500 is the main obstacle to BitcoinAnalyst explains why $ 10,500 is the main obstacle to Bitcoin

Bitcoin has struggled to break out of the $ 10,500 region, and analysts believe this is an important price range to beat to keep the asset on the uptrend.

Robert Sluymer recently commented on the importance of this price level:

“”The next step in the direction of BTC is still pending, as the pessimistic conviction is being put to the test. Pessimists can point to the downward trend from 10 to 10.5 K. Bulls have the long-term uptrend (200 weeks dma) on their backs and last week’s resistance as BTC has quickly recovered from its 200 dma. “

The analyst expects the short-term uptrend to reverse if Bitcoin can’t break this price range soon.

A data element that can confirm the price resistance in this region is the data from Bitfinex’s order book. according to current data, There is currently a confluence of orders between $ 10,000 and $ 10,300 on the sales side.

The large order book for exchanges is one of the analysis tools used by cryptocurrency traders. When large amounts of sell or buy orders are made within a certain price range, analysts believe that this can indicate a significant point in the price trend.

Despite this barrier The market is optimistic, and one of the factors that can help Bitcoin overcome this price resistance is the market’s optimism about halving digital assets.

At the beginning of last month, Bitcoin went through its third halving, which halved the market entry of new BTCs.

According to analysts, this is causing a shock to the supply of assets, and if demand stays the same, we can see the beginning of a new and long uptrend for Bitcoin.