• Bitcoin continues trading sideways but is slowly inching towards $10,000.
  • There is a strong bullish case for Bitcoin and crypto in general due to the inflation problem.

Bitcoin broke $10,000 again on June 10 but got rejected and dropped to $9,700. The top-ranked cryptocurrency is trading at $9,550 at the time of writing after a steep consolidation due to the recent rejection. Bulls are looking to hold the daily 12-EMA at $9,679. A loss of this EMA will be significant and it hasn’t happened since May 21.

Warnings about inflation could help Bitcoin in the long-term

The current Coronavirus pandemic is making a lot of people to look for alternative investments as the continuous printing of US dollars is scaring a lot of investors with inflation fears. Paul Tudor Jones, an American billionaire hedge fund manager, thinks inflation will be a problem that can’t be stopped in the near future if the Federal Reserve continues with its current practices.

Trying actually to fight inflation is going to be really challenging because I don’t think they’ll be able to raise rates enough without having a [really] deleterious effect on the rest of the economy 

said Tudor Jones

Cryptocurrencies can solve the issue with inflation thanks to their limited supply. Additionally, Bitcoin’s supply rate gets cut in half approximately every 4 years. Either way, no one can create more Bitcoins, in fact, many Bitcoins are most likely lost forever. 

BTC/USD daily chart


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Biden's win of the US presidential election could have different effects on Bitcoin and DeFi

The presidential elections in the United States are just around the corner. While it is still hard to tell for sure who will secure the place in an Oval Cabinet, the most recent poll results show that Joe Biden, the Democratic presidential nominee, is leading the race. 

More Cryptocurrencies News

XTZ aiming for a 10% price jump if key support is defended

The past week for Tezos hasn’t been great, the digital asset lost around $300 million in market capitalization as Bitcoin continues gaining dominance over the market.

More Tezos News

TRX ready for a major price explosion according to indicators

Tron has been trading inside a tight range from $0.028 to $0.0239 for the past three weeks without a clear direction. Several indicators show that TRX is on the verge of a massive breakout, but in which direction?

More Tron News

Bitcoin leads the pack aiming for new yearly highs

The cryptocurrency market is slugging in recovery, accept for Bitcoin. Intense pressure continues to build on critical levels for major cryptocurrencies. 

More Bitcoin News


Bitcoin: BTC ready to escape from the range; bulls have $12,000 in mind

Bitcoin has been gaining ground amid positive fundamental developments. The flagship cryptocurrency is ready to break free from its current range and proceed with the recovery towards $12,000. 

Read the weekly forecast