After the false break that occurred on June 1, Bitcoin (BTC) recovered and entered the consolidation phase. Most investors who could not read the signs and surrendered to FOMO (Fear Of Missing Out: Sense of Opportunity) had a bad rect.
Approval is always required for the occurrence of ascension. The region over $ 10,000 has been trading as a macro resistance zone in BTC / USD since 2018.
Fibonacci and $ 10,000
A long-term timeframe reveals that the $ 10,000 to $ 11,000 zone is a critical resistance zone for Bitcoin. When BTC / USD passed $ 10,000, people thought it was a big bull run.
However, the daily timeframe for BTC shows that this region has been respected since 2018. If we pull the Fibonacci trend extension from the peak price of Bitcoin from about $ 19,000 to $ 3,500, the 61.8% gold retraction rate is improving at $ 10,000.
It is also seen in the daily charts that regional highs gradually decrease, while regional lows start to rise. A falling wedge formation is a harbinger of ascension.
The Next Step of Bitcoin (BTC)
The RSI or Relative Strength Index currently moves within a range, indicating the consolidation phase. In order for Bitcoin to accelerate upward, the resistance must come into effect again.
If the panic begins and buyers speed up sales, BTC / USD could fall to $ 6,000.
It can be assumed that there is an increase if Bitcoin goes above the $ 11,000 range. This will be the confirmation of the bullish signal. Therefore, BTC should remain at this level for a long time. If BTC manages to exceed $ 11,000, Bitcoin can gain tremendous momentum and head towards $ 14,000. However, it can be assumed that BTC / USD is in a bear market until the confirmation takes place.