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Cryptocurrency Market News: Bitcoin fails to hit 10K but could make another push

  • Bitcoin stopped just shy of the 10K mark.
  • Users are holding $220 million more Bitcoin since the halving.
  • BitGo is to provide custody services to Indian Crypto Exchange CoinDCX.
Cryptocurrency Market News: Bitcoin fails to hit 10K but could make another push
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily

Bitcoin stopped just shy of the 10K mark.

Bitcoin has been trading higher as the sentiment continues to be strong following the recent halving event. The price hit a high of 9943.93 and currently trades 2.31% lower at 9713.04. There is lots of technical resistance at the 10K level and this includes the 50% Fibonacci resistance zone. 

Above the current price level, if the 10K resistance breaks, there is another resistance zone to keep an eye on at 10522.51. This level has been used more than three times and is the mean value area of the previous consolidation between 9K and 13868.44. 

Bitcoin fails to hit 10K

Users are holding $220 million more Bitcoin since the halving

In an article written by the Cointelegraph team, it was highlighted that there are a large amount of traders/investors holding Bitcoin. In the article, it was pointed out:
"Almost 24,000 Bitcoin (BTC) have been withdrawn from exchanges since Bitcoin’s halving on May 11, according to Bitcoin Exchange Net-Flow data from on-chain market analysis platform  The trend of Bitcoin flowing out of exchanges started in mid-April and has continued with only a short reprieve in the hours before and after the halving."

This trend could signify two new developments – that current users are taking more responsibility for their own funds rather than trusting exchanges, or that a large portion of new users are looking at Bitcoin as a store of value rather than as a trading asset.

BitGo is to provide custody services to Indian Crypto Exchange CoinDCX.

Cryptocurrency custodian BitGo has announced it will provide their services to Indian exchange CoinDCX. They will be offering secure storage and partial insurance for assets traded on the BitGo platform. The company is a United States-based firm that claims to process over 20% of all Bitcoin (BTC) transactions. The company also provides an insurance policy covering up to USD 100 million in value through a syndicate of Insurers in the Lloyd’s of London and European Marketplace.

Author

Rajan Dhall, MSTA

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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