Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View More
Bitcoin (BTC) Making a Fresh Attempt at Multi-Month Highs

Bitcoin (BTC) Making a Fresh Attempt at Multi-Month Highs

Nick Cawley, Senior Strategist

Bitcoin (BTC) Price, News and Analysis:

  • The trend higher continues with $10,000 resistance in focus.
  • Macro-picture boosts Bitcoin bulls.

A Guide to Trading Bitcoin and Other Cryptocurrencies

Bitcoin (BTC) Looking to Break Resistance

Bitcoin’s price action in the past few days has been fairly limited but biased towards further gains as the dominant cryptocurrency continues to print higher lows off the March 13 low. BTC is now setting up for a fresh test of the $10,000 level, an area of resistance that has held firm over the last month with Bitcoin unable to close and open above this threshold. A successful break would bring the February 13 high at $10,506 into focus and would see BTC reclaim the bullish trendline off the March 13 low. Above here, $10,940 becomes the next target, a level last traded in late August/early September 2019. Support is seen between $9,380 and $9,400.

Wednesday’s FOMC policy decision confirmed that the Fed will continue to flood the market with US dollars as chair Jerome Powell confirmed that the FOMC is strongly committed to doing whatever we can, ‘for as long as it takes’. The US national debt is now in excess of USD 26 trillion having started 2020 at just over USD 23 trillion, as the government continues to print money to help fight off the economic shock off the COVID-19 virus. Bitcoin however cannot be devalued by excessive money creation as its total supply is capped at 21 million. As long as the Fed continues to print US dollars, the case for Bitcoin as an anti-fiat alternative will strengthen.

Bitcoin (BTC) Daily Price Chart (September 2019 – June 11, 2020)

How to Use IG Client Sentiment in Your Trading
How to Use IG Client Sentiment in Your Trading
Recommended by Nick Cawley
Improve your trading with IG Client Sentiment Data
Get My Guide

What is your view on Bitcoin (BTC) – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES