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Bitcoin Price in consolidation, will bulls overcome $10,500?

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The Bitcoin price hogs attention but the consensus is, Bitcoin and crypto are work of expression. They are a movement of some sort. A form of a peaceful protest against financial injustices.

In the wake of racial discrimination claims in the United States following the death of George Floyd in the hands of the police, Changpeng Zhao chimed in acknowledging that Bitcoin is indeed a protest. A protest against financial centralization and recklessness.

Bitcoin has eventually morphed and is a behemoth. A juggernaut from where billions of dollars are trustlessly moved for mere fractions. Fees are comparatively low, even negligible relative to those charged by legacy systems.

Cardano founder: cryptos and Bitcoin are a protest

And as crypto enthusiasts find a way to go against the grain and replace fiat, the co-founder of Cardano and the lead of IOHK, in a recent AMA session said crypto may be banned for what they are. It is their encryption and even Bitcoin price that has drawn the ire of governments across the globe leading some to ban the trading of cryptocurrencies including Bitcoin.

In his words:

“Crypto is a political movement. Crypto is as political as it gets, always. Never forget that. We’re going to reinvent the concept of money and take it out of the government’s hands and control it ourselves.”

“Everything is political because money is the biggest influence of all of politics. If there’s money to be made, laws will be made, changes will be made, and regulations will be instituted. The vast majority of the key driver society is all about scarcity and managing that and the economics around money.”

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Bitcoin price analysis

Bitcoin Daily Chart for June 8, 2020

Still, cryptos perform dual functions. They draw utility. In some instances, their baked-in scarcity mechanisms mean some like Bitcoin competes with gold and select fiat currencies as a store of value.

Their utility is what gives them value. The Bitcoin price is currently hovering at $9,733.

Week-to-date, BTC is relatively stable against the greenback and is up two percent.

Technically, there is room for more upsides. From candlestick arrangement and technical indicators, there are hints that BTC may soar and close above $10,000.

Advising this prognosis are the following:

First, Bitcoin price is trending within an uptrend and is above the three-month support trend line in the daily chart.

Second, although there is a valid double bar bear reversal pattern because of the high volume bear bar of June 2, 2020, wiping out gains of June 1, 2020, prices are still trending within the June 2 bar. Volumes are also light and there are indications of buyers rejecting bearish attempts. This will be nullified only once BTC prices slid below $9,200 or June 2 low at the back of high trading volumes confirming the double bar bear reversal pattern. In the meantime, as long as BTC trend above $9,500, bulls have a chance of rallying above $10,500.

Should Bitcoin price break above the current consolidation and Feb 2020 highs, rallying above $10,500, BTC spike to $14,000 or June 2019 highs.

For now, the best course of action for aggressive traders is to wait for a clean break above $10,500 or below $9,200 (and the support trend line) before activating long or short positions.

Disclaimer: This is not investment advice. Opinions expressed here are those of the author and not the view of the publication.

Dalmas Ngetich

Dalmas Ngetich

Dalmas is a very active cryptocurrency content creator and highly regarded technical analyst. He’s passionate about blockchain technology and the futuristic potential of cryptocurrencies. Enjoying the opportunity to help educate bitcoin enthusiasts, he writes insights and coin price chart analysis.

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