Bitcoin was holding the resistance at eight thousand dollars ($8,000), but in the evening on Sunday, the abrupt increase in the price has been seen which crossed this threshold. By Monday morning, the Bitcoin was rallying above eight thousand and seven hundred dollars ($8,700)
Most of the analysts are speculating that achieving ten thousand dollars ($10,000) is also possible as all the indicators are showing positive market momentum.
One month price analysis shows that Bitcoin will hit $10,000 mark in June 2019 given the stable increase in price over the course of 30 days. Bitcoin is likely to take next rally in the first week of June 2019 and the second rally in 3rd or 4th week of the month going past ten thousand dollars ($10,000) mark.
At the time of press, there was seen some slight decline in the price of Bitcoin and its value depreciated to eight thousand seven hundred and fifty dollars ($8,750). However, all the indicators are indicating that the surge in the price will most likely to happen in the near future.
Bulls and bears are in the sway since the price is actually correcting to find the footing for the next rally. The current analysis shows the upper support level to be found at eight thousand seven hundred and seventy dollars ($8770) and lower support at eight thousand seven hundred and nine dollars ($8709).
The recent increase in the price of bitcoin is effectively backed up and is supported by trading volume. The retail investors and institutional investors are both indicating positive bullish trends on Bitcoin. The prices should hold above eight thousand and seven hundred dollars ($8,700).
The total market cap is currently above two hundred and seventy billion dollars ($270bn) and the Bitcoin is strengthening the altcoins and allow them to move in a positive direction.