Bitcoin Briefly Moves Above $10,000 – What’s Next?

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In Brief
  • The Bitcoin price has moved above a long-term descending resistance line.

  • There is resistance between $10,300-$10,400 and at $12,000.

  • The price is following an ascending support line that previously acted as resistance.

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On May 7, the Bitcoin price created a bullish engulfing candlestick, increasing by more than $1,000 throughout the day. This caused the price to move above a descending resistance line that had been in place since December 2017. The breakout occurred with significant volume, but not particularly extraordinary. The price is approaching the next resistance area, found between

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Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.

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