{"id":424223,"date":"2020-05-18T01:00:38","date_gmt":"2020-05-18T01:00:38","guid":{"rendered":"https:\/\/uniquehot.com\/?p=424223"},"modified":"2024-06-11T13:48:54","modified_gmt":"2024-06-11T13:48:54","slug":"if-bitcoin-crosses-10500-a-new-highs-would-be-on-the-horizon-analyst","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/if-bitcoin-crosses-10500-a-new-highs-would-be-on-the-horizon-analyst\/","title":{"rendered":"If Bitcoin Crosses $10,500, a New High Would be &#8220;On the Horizon&#8221;: Analyst"},"content":{"rendered":"<p>Over the past eight weeks, Bitcoin has surged past resistance after resistance in its rally from $3,700 to $9,700 \u2014 the price as of the time of this article&#8217;s writing.<\/p>\n<p>This move has been undoubtedly impressive, with the price action attracting mainstream media attention and Wall Street investors. However, analysts say it&#8217;s not clear skies ahead for <a href=\"https:\/\/uniquehot.com\/category\/crypto\/bitcoin\/\">Bitcoin<\/a> just yet, pointing to a key resistance the cryptocurrency is rubbing up against.<\/p>\n<h6 style=\"text-align: center\">Related Reading: <a href=\"https:\/\/uniquehot.com\/2020\/05\/16\/crypto-tidbits-bitcoin-halving-reddit-using-ethereum-jp-morgan-dabbles-in-crypto\/\">Crypto Tidbits: Bitcoin Halving, Reddit Using Ethereum, JP Morgan Dabbles in Crypto<\/a><\/h6>\n<h2>Bitcoin Crossing $10,500 Will Open Price to New Highs<\/h2>\n<p>If you have perused Crypto Twitter over the past few months, you&#8217;ve likely noticed the weight analysts have given to the $10,500 price point for Bitcoin. The level, as can be seen in the chart below, has been key on a number of occasions over the past few years, marking the top of rallies two times in 2019 and once earlier this year.<\/p>\n<figure style=\"width: 804px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.tradingview.com\/x\/UeEbyYYd\/\" alt=\"Chart from TradingView.com illustrating the importance of the $10,500 level for Bitcoin over the past few years.\" width=\"804\" height=\"452\"><figcaption class=\"wp-caption-text\">Chart from TradingView.com illustrating the importance of the $10,500 level for Bitcoin over the past few years.<\/figcaption><\/figure>\n<p>With Bitcoin rallying near this level once again, analysts have begun to tout its importance. The lead technical analyst at crypto research firm BlockFyre <a href=\"https:\/\/twitter.com\/Pentosh1\/status\/85852672\" rel=\"nofollow\">wrote<\/a>:<\/p>\n<blockquote><p>&#8220;If Bitcoin gets over this. There isn\u2019t much standing in the way of new all-time highs. They\u2019d be on the horizon. Way less resistance than anything BTC overcame going from 3.7k to here. Would be a macro higher high confirmed. Don\u2019t underestimate the implications!&#8221;<\/p><\/blockquote>\n<p>This was echoed by another trader, who <a href=\"https:\/\/twitter.com\/CryptoCapo_\/status\/89895168\" rel=\"nofollow\">shared<\/a> in April that if Bitcoin manages to flip $10,500 into support, his bearish bias will flip bullish. This is especially notable as this is the same trader that called for BTC to revisit $3,000 months before it did.<\/p>\n<h6 style=\"text-align: center\">Related Reading: <a href=\"https:\/\/uniquehot.com\/2020\/05\/16\/once-in-a-lifetime-money-printing-makes-bitcoins-bull-case-stronger-fund-manager\/\">Once In a Lifetime Money Printing Strengthens Bitcoin\u2019s Bull Case: Investor<\/a><\/h6>\n<h2><strong>Breaking $10,500 Likely to Be a Struggle<\/strong><\/h2>\n<p>Bitcoin may struggle to break past $10,500, though, market data indicates.<\/p>\n<p>Per <a href=\"https:\/\/uniquehot.com\/2020\/05\/17\/theres-a-colossal-40m-sell-wall-preventing-bitcoin-from-crossing-10000\/\">previous reports from NewsBTC<\/a>, order book data of Bitfinex\u2019s BTC\/USD market <a href=\"https:\/\/twitter.com\/majinsayan\/status\/26770688\" target=\"_blank\" data-wpel-link=\"exclude\" rel=\"follow noopener nofollow\">shared by a popular crypto trader<\/a> indicates that there is a massive block of orders looking to sell Bitcoin around $10,000 that may be hard to break past.<\/p>\n<p>Bitfinex\u2019s order book suggests that from $9,900 to $10,600, there is ~4,200 Bitcoin worth of sell orders, most of which are clustered around $10,000-10,400. That means on one exchange alone, there is over $40 million worth of sell-side pressure if the cryptocurrency attempts to rally past $10,000.<\/p>\n<figure style=\"width: 1200px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/pbs.twimg.com\/media\/EYOn0hdXYAASIG0.jpg?resize=1200%2C495&#038;ssl=1\" alt=\"Chart from Majin (@Majinsayan on Twitter), a crypto trader. \" width=\"1200\" height=\"495\"><figcaption class=\"wp-caption-text\">Order book (BTC\/USD) screenshot from Majin (@Majinsayan on Twitter), a crypto trader. The data indicates that there is a cluster of resistance from $10,000-10,400 that may be hard for bulls to break past in the coming days and weeks.<\/figcaption><\/figure>\n<p>Adding to this, an analyst recently observed that <a href=\"https:\/\/uniquehot.com\/2020\/05\/17\/bitcoin-moves-to-break-key-resistance-but-funding-rates-could-spell-trouble\/\">Bitcoin&#8217;s latest price action has led the funding rate on OKEx to spike<\/a>, indicating bulls are overextended and may soon capitulate:<\/p>\n<blockquote><p>\u201cFunding on OKEX is suddenly very high again,\u201d he said while pointing to the chart seen below.<\/p><\/blockquote>\n<figure style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/05\/OKEXFunding.png?resize=860%2C269\" alt=\"Image Courtesy of Byzantine General\" width=\"860\" height=\"269\"><figcaption class=\"wp-caption-text\">Image Courtesy of Byzantine General<\/figcaption><\/figure>\n<pre>Featured Image from Unsplash<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Over the past eight weeks, Bitcoin has surged past resistance after resistance in its rally from $3,700 to $9,700 \u2014 the price as of the time of this article&#8217;s writing. This move has been undoubtedly impressive, with the price action attracting mainstream media attention and Wall Street investors. However, analysts say it&#8217;s not clear skies ahead for Bitcoin just yet, pointing to a key resistance the cryptocurrency is rubbing up against. Related Reading: Crypto Tidbits: Bitcoin Halving, Reddit Using Ethereum, JP Morgan Dabbles in Crypto Bitcoin Crossing $10,500 Will Open Price to New Highs If you have perused Crypto Twitter over the past few months, you&#8217;ve likely noticed the weight analysts have given to the $10,500 price point for Bitcoin. The level, as can be seen in the chart below, has been key on a number of occasions over the past few years, marking the top of rallies two times in 2019 and once earlier this year. With Bitcoin rallying near this level once again, analysts have begun to tout its importance. The lead technical analyst at crypto research firm BlockFyre wrote: &#8220;If Bitcoin gets over this. There isn\u2019t much standing in the way of new all-time highs. They\u2019d be on the horizon. Way less resistance than anything BTC overcame going from 3.7k to here. Would be a macro higher high confirmed. Don\u2019t underestimate the implications!&#8221; This was echoed by another trader, who shared in April that if Bitcoin manages to flip $10,500 into support, his bearish bias will flip bullish. This is especially notable as this is the same trader that called for BTC to revisit $3,000 months before it did. Related Reading: Once In a Lifetime Money Printing Strengthens Bitcoin\u2019s Bull Case: Investor Breaking $10,500 Likely to Be a Struggle Bitcoin may struggle to break past $10,500, though, market data indicates. Per previous reports from NewsBTC, order book data of Bitfinex\u2019s BTC\/USD market shared by a popular crypto trader indicates that there is a massive block of orders looking to sell Bitcoin around $10,000 that may be hard to break past. Bitfinex\u2019s order book suggests that from $9,900 to $10,600, there is ~4,200 Bitcoin worth of sell orders, most of which are clustered around $10,000-10,400. That means on one exchange alone, there is over $40 million worth of sell-side pressure if the cryptocurrency attempts to rally past $10,000. Adding to this, an analyst recently observed that Bitcoin&#8217;s latest price action has led the funding rate on OKEx to spike, indicating bulls are overextended and may soon capitulate: \u201cFunding on OKEX is suddenly very high again,\u201d he said while pointing to the chart seen below. Featured Image from Unsplash<\/p>\n","protected":false},"author":497,"featured_media":424214,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[79436,679,1144,4078,76835],"class_list":["post-424223","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-79436","tag-bitcoin-price","tag-btcusd","tag-technical-analysis","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>If Bitcoin Crosses $10,500, a New High Would be &quot;On the Horizon&quot;: Analyst<\/title>\n<meta name=\"description\" content=\"Over the past eight weeks, Bitcoin has surged past resistance after resistance in its rally from $3,700 to $9,700 \u2014 the price as of the time of this\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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