Bitcoin Price Cautiously Approaches $10,000

Bitcoin price retreat today but keeps the positive momentum as it approaches the 10,000 mark. Bitcoin continues to find support at the upward trendline that started from the March lows and drove the number one cryptocurrency to gains over 160%. Bitcoin faces the strong resistance at $10,000, where it rejected several times the last month.

Microsoft (MSFT) announced the launch of its open-source, decentralized identifiers network, ION, on Bitcoin’s blockchain. The new technology will allow users to create decentralized digital credentials, such as university diplomas or driver’s licenses that could be used to identify them online. The credentials could also be used to log them in to apps and websites as the decentralized nature ensures that users have full control over their personal data.

Ripple (XRPUSD) is 1.16% lower at $0.2005, Litecoin (LTCUSD) is 1.11% lower at $46.19, Lumen (XLMUSD) is 1.83% lower $0.0777, while Ethereum (ETHUSD) is 1.07% lower at $245.38.

Download our Q2 Market Global Market Outlook

Bitcoin Price Analysis

Bitcoin price is 1.30% lower at 9,766, giving up some of yesterday’s gains as the price positioning for another attempt to the 10,000 mark. The technical outlook remains bullish but first needs to surpass the 10,000 resistance.

On the downside, initial support stands at 9,732 the daily low.  A break below 9,732, might test yesterday’s low at 9,582. If the bears continue the pressure then the next target will be met at 9,365 the June 7 low.

On the other hand, immediate resistance for bitcoin price will be met at 9,981 the daily top. The next resistance area stands at 10,000. In case bitcoin moves higher, then the next target stands at 10,255 the high from June 2.

Don’t miss a beat! Follow us on Telegram and Twitter.

More content