The price of Bitcoin (BTC) remains in a somewhat neutral zone, caught between two high consequence paths. Over the past week, the highest rated digital asset in CoinMarketCap has struggled to break the $9,900 mark to attack the $10,000 mark.
On Tuesday morning Bitcoin made another attempt to reach the $10,000 mark when the price rose rapidly to $9,900 while some sort of setback in the BitMEX trading engine caused the exchange to stop for almost an hour. The movement did not last long and for the rest of the day, the price remained below USD 9,800.
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Yesterday the mining difficulty rate fell by 6%, which means that some miners who closed their operations due to the halving and current price of Bitcoin may also find it easier to mine Bitcoin after the difficulty adjustment.
As mentioned above, Bitcoin is currently at a „Rubicon crossing“ point. Some traders believe that if the asset can rise to USD 10,200 and close above this level, the way ahead is up, especially if Bitcoin can reach USD 10,500. Others believe that a drop below the USD 8,900 – USD 8,550 support zone means that a prolonged sideways price action is expected for the rest of 2020.
If we look at the daily chart, we can see that
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continues to reach higher lows and remains above the multi-week upward trend line. Currently, the price continues to narrow in a 4 hour and 1 hour frame.
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A strong volume break of this flag should push the price to USD 10,200, a point that is also aligned with the upper division of the Bollinger Band indicator.
Does a golden cross mean a climb is coming?
This week the crypto media has paid a lot of attention to the impending golden cross between the 50 and 100 day moving average that is expected to occur in the next few days. Data from Cointelegraph Markets shows that this would be the seventh time moving averages have converged in the history of Bitcoin.
Typically, traders interpret the cross between the moving averages as a bullish signal, so as the move nears its end, the Bitcoin price could see an increase in buying pressure. This is one more possible reason to expect the digital asset to rise above USD 10,000 and test the USD 10,200 level in the short term.
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It should be noted that a golden cross is not always followed by a strong upturn. Take the most recent example of the golden cross of February 19th, which was followed by the catastrophic fall to USD 3,750 less than a month later, on March 13th.