Will the Bitcoin price finally reach $ 10,000 this week?

The price of bitcoins has risen 3% to $ 8,833, bringing the digital asset of a new test to the highest weekly. Will this happen before the start of this new week?

The Bitcoin award must overcome this key hurdle for $ 10,000

In terms of sentiment, the bitcoin path to reach $ 10,000 remains strong and every week a number of positive media reports appear to reinforce the bullish consensus on the leading digital asset.

The increasing premium granted to the Grayscale Bitcoin Investment Trust (GBTC) and the impressive data provided by CME Bitcoin's futures contracts show that the institutional demand for Bitcoin continues to grow. In an email to customers, CME Group has explained this:

"May announces the strongest month for CME Bitcoin Futures". The stock market commented: "The number of unique accounts continues to grow, which shows that the market is increasingly using BTC futures to hedge Bitcoin risk and / or gain access to exposure. . "

Over the weekend, Bitcoin consolidated between $ 850 and $ 8,600 for most of Saturday, then Sunday, the digital asset rose above support of $ 8,530 for a 3% increase towards the resistance of $ 8,840 before returning to $ 8,650.

The short-term profit-taking was in no way comparable to the 12% drop to $ 9,081 that occurred last week and traders can be reassured to know that BTC remains in a difficult situation. uptrend. However, it should be noted that the daily chart shows digital asset transactions in a rising wedge, which can be interpreted as a bearish signal.

Josh Rager, analyst in popular cryptography tweeted that the Bitcoin movement above $ 8,530 and $ 8,731 shows that the uptrend remains intact and Rager expects that if BTC is above $ 8,846, a transfer to the "average $ 9,000" is possible.

A number of analysts now suggest that US $ 8,200 represents a crucial level of support and that a drop below this point could allow Bitcoin to return to US $ 7,000.

Recently Alex Kruger also sharing its analysis of the main support and resistance levels for BTC / USD 00 and, like other forecasts, bitcoin has few immediate strengths above $ 10,000.

Looking forward to

In the short term, Bitcoin seems to have moved into a new range of $ 8,600 to $ 8,800 and it could spend the rest of the consolidation day in this area.

The 4-hour MACD remains bullish and the RSI has dropped from 60 to 53 currently. Traders should keep a close eye on the daily RSI bounces around 42.5, which proved to be quite reliable.

Do you think that the price of bitcoins will reach $ 10,000 this week? Share your opinion in the comments below!

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