Bitcoin is continuously testing its historic resistance at the $10,000 level each week but fails to stay in this critical zone and retrieves back. Bitcoin price surged above the past $10,000 in the month of May after the duration of ten months. But after that, it has faced three rejections whenever it has attempted to cross above this level.
Currently, Bitcoin has the support of $9500 but is this support enough for Bitcoin to pass through its next barrier? We will come to know this in the coming weeks as they are very important for Bitcoin. In the coming weeks, Bitcoin price will either break above $10,000 or it will face rejection again which may lead it back to the $6k zone.
Towards $10,000 or Back to $6,000
Recently, Kraken Intelligence has released May 2020 Bitcoin Volatility Report where it has suggested two case scenarios for Bitcoin either $10K or $6K. According to the report, Bitcoin has been trying to cross above $10K for the past few weeks. If bulls are strong enough to take bitcoin through this resistance level, then the leading coin will be able to maintain a bullish trend in the coming weeks. However, if BTC bulls fail to break the resistance then it may send Bitcoin price back towards the $6000 zone.
Indicators show that in the coming weeks, Bitcoin may face a high level of volatility in the present month. The increased bitcoin volatility may make it possible for Bitcoin to break through $10,000. Historically, according to the report of Kraken Intelligence, the month of June has been the third most volatile month for bitcoin on average and has returned +14% so far. Also, Bitcoin recorded the 2019 high of $13k in the month of June. So, June might be lucky enough for Bitcoin to set its fundamentals for an all-time.
There are two options for Bitcoin bulls either make it or break it. Bulls managed to take BTC above this level on June 2 and they are expected to repeat the same action again.