Technical analysis BTC/USD June, 2

02.06.2020 13:11:53

On Monday, the Bitcoins bulls got a reason to rejoice, the BTC/USD pair overcame the $10000 mark and reached a maximum of $10429. This is the highest price since February of this year. Some traders talked about the fact that if the key mark of $10000 is passed, then reaching $20000 is a matter of time.

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However, analysts argue that the breakdown of the $10000 mark is a reaction to Trump's speech, and has no fundamental prerequisites. And soon we will see a correction of Bitcoin below a key level, even though the daily candle closed above the $10000 mark.

When Bitcoin peaked $12000 last year, it showed a pullback of around $6400 later. And in February of this year, the price of Bitcoin could not exceed the $10500 mark and fell below $5000.

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DavtheWave showed a chart on his twitter. This chart demonstrates that the BTC/USD pair has not yet broken the downtrend line that formed after the pair peaked in 2018. This chart also shows the maximum value of 2019, $14000. Therefore, to talk about the continuing growth of the BTC/USD pair after yesterday's break, the pair should form a daily candle above the downtrend line. If this does not happen, BTC/USD may again adjust to the $6000 area.

The $10500 level is an important key level for the BTC/USD pair at the moment. This is the level at which traders have piled up a large number of sell orders.

If the bulls manage to overcome this resistance, we can talk about the beginning of a new long-term uptrend.

Mike Novogratz believes that Bitcoin will continue to grow, as the accumulation of debt by the US government, as well as riots in the US, weaken the dollar, forcing to seek new ways to save capital. He believes that after $10000, Bitcoin will accelerate its growth.