Bitcoin Market Outlook: BTC/USD is ready for the final climb above $10,000
- Yesterday, on June 10, Bitcoin attempted to crack $10,000 before yet another rejection, not as steep as the others.
- Things are looking better for the BTC/USD pair and another try at $10,000 is on the horizon.
Bitcoin is trading at around $9,800 after the small rejection but has defended the important daily 12-EMA at $9,701 and it’s getting ready for another attempt at cracking $10,000. This time around, things are looking better as Bitcoin is far closer to $10K already. On June 1, Bitcoin was trading as low as $9,416 before the leg up above $10,000 and most of the move happened within one hour, not a healthy climb.
Why is Bitcoin better suited to beat $10,000 now?
Not only BTC is closer to the infamous $10K level but also the daily uptrend is quite strong even though Bitcoin has been trading sideways for a while. Bulls defending the daily 12-EMA almost for two weeks indicates there is a lot of interest in buying Bitcoin.
Major trust fund Grayscale is also still buying an enormous amount of Bitcoin and most of the long-term fundamentals are positive for the top-ranked digital asset. According to Glassnode, the balance of Bitcoin on exchanges continues to drop and has seen a huge decline in the last three months and a half. This metric also indicates that there is a lot of interest in at least holding Bitcoin.
BTC/USD daily chart
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BTC/USD technical levels
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
