Cryptocurrency
Bitcoin Runs Into Resistance at $10,000 After Miner Rewards Cut
As reported on Bloomberg, “Bitcoin might be back above $9,000 again but technical indicators show its next leg higher might be harder to come by. “The largest digital token, coming off its historic and highly-hyped halving event, hasn’t been able to sustain a rally above $10,000, a resistance level that dates back to October. It broke through during Thursday’s […]
As reported on Bloomberg, “Bitcoin might be back above $9,000 again but technical indicators show its next leg higher might be harder to come by.
“The largest digital token, coming off its historic and highly-hyped halving event, hasn’t been able to sustain a rally above $10,000, a resistance level that dates back to October. It broke through during Thursday’s trading session but swiftly retraced the gains.
“In addition, the MACD — or the moving average convergence divergence gauge — shows the smallest positive divergence since Bitcoin’s uptrend began, suggesting bulls would need strong support to breach $10,000.
“’I don’t think the fight will end there — a break of $10,000 would be very bullish for the cryptocurrency and we’ve all seen what that can lead to,’ Craig Erlam, senior market analyst at Oanda, wrote in a note. ‘The previous peak around $10,500 may provide some resistance above, but the next real test will be $11,000.’