Bitcoin breaks above $9,500, highest since May 2018 - less than 5% to $10,000 in a bullish run – next levels to watch
Bitcoin has been surging and has broken above the previous cycle peak around $9,400 to reach a new high of $9,497 at the time of writing. BTC/USD needs less than an additional 5% gain to reach five digits – $10,000.
The rise comes as analysts and traders are pouring into the details of Facebook's launch of its Libra stablecoin and the Calibra exchange. The social media giant has come under scrutiny for privacy concerns – around this initiative and also regarding other practices.
There seems to be no immediate trigger for the recent move that coincides with the official beginning of the summer in the northern hemisphere.
The next levels to watch are $10,000 – not only a psychological barrier but also a level that has capped the granddaddy of cryptocurrencies back in May 2018.
Next up we find $11,650 which halted Bitcoin's gains back in March last year.
The following cap is only $12,900 which provided support when the BTC/USD was falling from the highs at the beginning of 2018.
Support below $9,400 awaits at $9,120 which was the initial high above $9,000.
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Author
Yohay Elam
FXStreet
Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.
