Bitcoin (BTC) Price Analysis — Open Shorts or Wait for $11,000?
The start of June has turned out very positive for the cryptocurrency market. What is interesting, altcoins have kept up with the growth of Bitcoin (BTC). Bitcoin Cash (BCH) has rocketed even more, showing more than 7% growth over the past day.
The current blast of Bitcoin (BTC) and other assets has drastically affected the total market capitalization, which has increased by more than $10 Bln over the past day.Cryptocurrency market capitalization
The relevant data for Bitcoin is below.
- Name: Bitcoin
- Ticker: BTC
- Market Cap: $185 986 185 144
- Price: $10,112.37
- Volume (24h): $38 350 215 722
- Change (24h): 5.59%
The data is relevant at press time.
BTC/USD: Is $11,000 the next stop?
Bitcoin (BTC) has come out of the consolidation channel, having broken the resistance at $10,000. The growth is unlikely to be a false breakout as it is supported by trading volume. BTC/USD chart by TradingView
On the hourly chart, the main crypto has entered a correction, confirmed by the RSI indicator, which is located in the overbought zone. Moreover, liquidity is not high enough to push the rate higher. Summing up, traders may expect a decline to the nearest important level at $10,000 before the rise continues.BTC/USD chart by TradingView
On the bigger time frame, Bitcoin (BTC) still has the growth potential to retest at least the height of 2020 at $10,500. In case it holds above $10,000, the aforementioned resistance will be attained this month.