After nearly 120 hours of consolidation in the mid-$9,000s, Bitcoin finally went for an aggressive push late yesterday and made it back into five-figures.
Many analysts had been already been pointing out that a prolonged stay in this consolidation phase, just under a key psychological barrier such as $10,000, usually signals that a breakout could be in the cards.
However, for the BTC-USD pair to build on this momentum and carry the rally forward, the bulls have to breach the resistance around $10,500.
As you probably remember, there are two recent examples when that same resistance area pushed the BTC price down from its local highs. Once in Oct 2019 when the price went as high as $10,585 before starting to retreat, and then again in Feb 2020, when the bulls managed to hit $10,550 before finally giving in.
Meanwhile in other big stories from the past 24 hours:
What Does Bitcoin’s Monthly Close Tell Us About Future Prices? [Analysis]
In the weekly time-frame, the BTC price has been generating consecutive higher closes alongside an ascending support line since the March 13 bottom. However, the bearish candlestick of May 18-25 cannot be ignored. The Bitcoin price has to reach a close above $9,600 and, preferably, $10,200 in order to definitively considered bullish.
- Bitcoin has reached its highest monthly close since August 2019.
- The BTC price is possibly following a long-term descending resistance line.
- The closest resistance area as of press time can be found around $10,250.
Bitcoin Miners Sold More BTC Than They Earned This Past Week
We are just past the third week since Bitcoin’s third-ever halving and it looks like a notable number of Bitcoin miners are still capitulating.
According to the latest metrics, miners have sold 673 BTC more than they earned in the past week. On the brighter side, however, Bitcoin’s hashrate seems to be slowly recovering since May 26 after a drastic drop a week earlier.
Bitmain Launches Cheaper T19 Bitcoin Mining Rig
Bitmain, the world’s largest Bitcoin mining rig manufacturer, has announced the launch of a new, cost-effective Antminer model.
The new unit, dubbed Antminer T19, is the latest addition to the company’s popular T-series rigs and it costs just a bit lower than the S19 model.
Facebook’s Libra Will Play a Huge Role in the Future of Money, Top VC Believes
It’s just a matter of a few years — 10 years, to be precise — until we see money becoming mostly digital in the same way as books and music did, says Katie Haun, the general partner at venture capital firm Andreessen Horowitz. Haun made that statement in a recent interview with Bloomberg where she also made a compelling case for Facebook’s Libra.
Apparently, she believes that the erstwhile-troubled digital currency is going to play a big role in the digital transformation of money. BeInCrypto recently reported that despite all the setbacks so far, Facebook is still betting big on Libra and taking various measures to shrug off the negative perceptions surrounding the project,
Litecoin Finally Shows Some Signs of Life
The LTC price broke out from a descending resistance line on May 30 and has been increasing since.
After the breakout, LTC returned to validate the $45.3 area, which has now turned to support. However, it is hard to accurately predict if the troubled altcoin is indeed gearing up for a new rally unless it manages to breach the resistance at $50.
Will TRON Follow VeChain’s Lead and Break Out?
The TRX price has generated bullish divergence throughout the entire month of May — a sign that the price is likely to break out.
If it does, the closest resistance area would be found at 200 satoshis. Meanwhile, odds are reasonably high that the VET price could decrease and find support at 60 satoshis before making another upward move.