While stock markets around the world keep crashing as COVID-19 takes its toll on the planet, Bitcoin is enjoying a positive run of form.
The Bitcoin price has broken above $10,000 for the first time since February 13, 2020, when it touched a yearly high of $10,375. Yesterday, BTC reached a high of $10,200 after ranging between $8,500 – $9,500 for most of May.
Bitcoin tested the $10,000 mark a few times in May, especially before the much-anticipated halving. However, the first couple of days of June seem to have brought the best of the biggest cryptocurrency in the world.
Bitcoin has retraced its steps in the last 24 hours, holding firmly at $10,100 at the time of writing. The price may test support at $10,000 or even $9,800 in coming sessions.
Meanwhile, tough resistance lies at $10,500. If BTC breaks through that, resistances at $10,600, $10,800, and $11,000 will follow.
The RSI tells a story in the graph above: in the first week of May, BTC was overbought and corrected promptly. However, now it’s trading in a strong range and is well above the previous low, indicating that we’ll probably see the BTC price make its way to $10,500 soon, or even higher.
Total Market Cap: $284.8 billion
Bitcoin Market Cap: $186 billion
BTC Dominance Index: 65.3%