• Bitcoin managed to defend the daily 12-EMA on June 6 and 7 and it’s looking at the key $10,000 level again.
  • Many fundamental metrics are strengthening for Bitcoin and could indicate a big move is nearby.

For the most part, Bitcoin traded sideways this weekend although it did experience a significant drop on June 7. Bitcoin dipped to $9,372 in only a few hours but bulls managed to push Bitcoin back up in less than 10 hours. Nonetheless, BTC/USD continues its path to $10,000 while its trading volume keeps decreasing. 

Miners’ interest in Bitcoin is growing

According to the most recent report by ‘Glassnode’, the number of Bitcoin sent to exchanges by miners has been decreasing significantly over the past month and has hit a 1-year low. Additionally, we are seeing a significant spike in Bitcoin’s hashrate which is close to hitting an all-time high.

This metric is crucial because it indicates that miners are still interested in Bitcoin even though the rewards were cut in half and the price has been stable for the past month. Other statistics show that exchanges are seeing an increase in the outflow of Bitcoin which means more people are withdrawing their coins. While these fundamental metrics are not necessarily going to push Bitcoin above $10,000 in the short-term, they are great indicators for Bitcoin’s long-term outlook.

BTC/USD daily chart

BTCUSD

BTC/USD technical levels

BTC/USD

Overview
Today last price 9690.18
Today Daily Change -61.50
Today Daily Change % -0.63
Today daily open 9751.68
 
Trends
Daily SMA20 9437.72
Daily SMA50 8928.22
Daily SMA100 7935.27
Daily SMA200 8111.16
 
Levels
Previous Daily High 9815.66
Previous Daily Low 9375.91
Previous Weekly High 10404.88
Previous Weekly Low 9279.17
Previous Monthly High 10074.48
Previous Monthly Low 8105.58
Daily Fibonacci 38.2% 9647.67
Daily Fibonacci 61.8% 9543.89
Daily Pivot Point S1 9479.84
Daily Pivot Point S2 9208
Daily Pivot Point S3 9040.08
Daily Pivot Point R1 9919.59
Daily Pivot Point R2 10087.5
Daily Pivot Point R3 10359.34

 

 


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Litecoin Price Prediction: LTC tries to retake $100 resistance as miners halt sell-off

Litecoin Price Prediction: LTC tries to retake $100 resistance as miners halt sell-off

Litecoin price grazed 105 mark on Monday, rebounding 22% from the one-month low of $87 recorded during last week’s market crash. On-chain data shows sell pressure among LTC miners has subsided. Is the bottom in?  

More Litecoin News
Bitcoin fails to recover as Metaplanet buys the dip

Bitcoin fails to recover as Metaplanet buys the dip

Bitcoin price struggles around $95,000 after erasing gains from Friday’s relief rally over the weekend. Bitcoin’s weekly price chart posts the first major decline since President-elect Donald Trump’s win in November.

More Bitcoin News
SEC Commissioner Hester Pierce sheds light on Ethereum ETF staking under new administration

SEC Commissioner Hester Pierce sheds light on Ethereum ETF staking under new administration

In a Friday interview with Coinage, SEC Commissioner Hester Peirce discussed her optimism about upcoming regulatory changes as the agency transitions to new leadership under President Trump’s pick for new Chair, Paul Atkins.

More Cryptocurrencies News
Bitcoin dives 3% from its recent all-time high, is this the cycle top?

Bitcoin dives 3% from its recent all-time high, is this the cycle top?

Bitcoin investors panicked after the Fed's hawkish rate cut decision, hitting the market with high selling pressure. Bitcoin's four-year market cycle pattern indicates that the recent correction could be temporary.

More Bitcoin News
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP