Lorenzo Stroe
Independent Analyst
- 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
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BTC/USD technical levels
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