In the past few days, Bitcoin has struggled to cross $ 10,000. As recently as yesterday, the cryptocurrency was rejected from the key resistance for the second time in a week, dropping to $ 9,200 just hours after failing to divide into five digits.
But analysts are increasingly convinced that Bitcoin is on the verge of recovering more than $ 10,000 in the coming weeks.
Bitcoin Prepares To Increase Over $ 10,000
According to the same operator who predicted that Bitcoin would reach a minimum of $ 3,200 in 2018 six months in advance, the BTC is on the verge of recovering more than $ 10,000.
Share the table belowThe analyst commented that "Bitcoin [recently] has surpassed" key technical resistance while the cryptocurrency has maintained crucial historical levels, leading to the conclusion that a move towards $ 11,500 in July is possible.
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The @SmartContracter graph indicates that Bitcoin is ready to recover in the coming days.
The positive outlook was shared by other analysts.
As NewsBTC reported, a popular trader said that as long as Bitcoin had $ 9,350 in notable terms as in the past few days, the cryptocurrency could be approved to spend $ 10,000:
“BTC access granted to bulls. The price is trading above my bullish trigger, let's see if it holds. Above monthly + weekly S / R levels as well as the high and low time range. Keep holding above ~ $ 9,350 and I see us shoot for $ 10.5k. "
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Sales wall could stop gathering anytime soon
As the technical landscape takes shape for bulls, there is a $ 10,000 sales wall that poses a short-term threat to Bitcoin.
According to a prominent crypto trader, There is a remarkable amount of sales pressure reaching $ 10,000.
On May 14, he commented that according to market data, there were 2,461 BTC on sell orders at $ 10,000 on Binance and 500 BTC on sell orders at $ 10,000 on Bitstamp. In addition, there are hundreds of pieces on the sales side that go from $ 10,000 to $ 10,400 on other exchanges, indicating a sales wall of at least $ 30 million.
Graph by Nik Yaremchuk, former analyst at Adaptive Capital crypto fund. This indicates that there is massive selling pressure that exceeds the price of Bitcoin.
While $ 25 million may not seem like much, the last time Bitcoin saw a sales wall, it crashed.
As NewsBTC previously reported, on May 9, the cryptocurrency encountered a sales wall of $ 30 million, going from $ 10,010 to $ 10,230.
In the two days following the appearance of this sales wall, the cryptocurrency fell by $ 2,000, crashed when the bulls did not exceed this key level.
Related reading: Bullish for cryptography: Federal reserve balance sheet explodes to $ 6.9 trillion
Photo by Wolfgang Lang on Unsplash
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