The beginning of June started very positively for the crypto market. However, the market has experienced an interesting growth this time. While Bitcoin (BTC) continued to grow, coins started to rise. While all of the coins in the top 10 increased by at least 5%, Bitcoin Cash (BCH) grew by more than 8%.
The current rally in Bitcoin (BTC) and coins caused the crypto market to increase more than $ 10 billion.
The Next Stop For Bitcoin (BTC) Is $ 11,000?
Bitcoin (BTC) broke the resistance by exceeding $ 10,000 and exited the consolidation channel. It seems that there will not be a different break, as growth is supported by transaction volume.
On the hourly chart, the leading cryptocurrency entered a correction approved by the RSI indicator located in the overbought territory. The liquidity rate was not high enough to force more increases. In summary; Traders can expect a drop of $ 10,000, the nearest important level for entry, before the rise continues.
In a larger timeframe; Bitcoin (BTC) has the potential to retest $ 10,500, the highest level in 2020. If the prices are above $ 10,000, the above-mentioned resistance will be tested this month.
Although the $ 10,000 level is a very demanding level, Bitcoin seems to have gathered enough power to retest the resistance in general.
On the weekly chart, trading volume continues to drop, which is bad news for further growth. After the collapse of March 12, there was no consolidation period that would be necessary to break the peak prices of 2019. For this reason, the maximum sign that Bitcoin (BTC) bulls can take is about $ 12,000, a strong resistance.