Bitcoin price seesaws around the unchanged level after yesterday’s sharp reversal from 9,356 the daily low. The number one cryptocurrency continues to find support at the upward trend line which started since the March lows. Bitcoin failed to capitalize from the shift to risky assets as it rejected at the 10,500 mark.
Tencent Cloud launched an alliance to promote the development of the blockchain industry. The blockchain alliance aims to attract 100 members in 2020, including tech companies, industry associations, and universities—the alliance plan to establish blockchain industry standards and research potential blockchain applications. The alliance will form three committees – standards, technical, and business ecosystem committee. The standards committee will cooperate with the government and regulators to develop national blockchain standards.
China’s blockchain committee includes executives from Tencent, and the company is also one of the top blockchain patent application filers, having filed over 700 applications in 2019.
Litecoin (LTCUSD) is 0.21% lower at $46.52, Ripple (XRPUSD) is 0.20% lower at 0.2027, Lumen (XLMUSD) is 1.08% higher 0.0794, while Ethereum (ETHUSD) is 0.35% lower at 243.89.
Download our Q2 Market Global Market Outlook
Bitcoin Price Targets
Bitcoin price is 0.10% lower at 9,740 stabilizing after yesterday’s volatile session. While the bitcoin price capped at 10,500, the technical outlook remains bullish above the major daily moving averages.
On the upside, first resistance for bitcoin will be met at 9,813 the daily high. The next hurdle stands at 9,919 the high from June 4th. In case the BTCUSD moves higher, then the next target stands at 10,255 the high from June 2nd.
On the other side, minor support stands at 9,645 the daily low and a break below might test the Sunday’s low at 9,350. If the sellers continue then the next target will be met at 8,980 the 50-day moving average.