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
-637272225584490306.png)
BTC/USD technical levels
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
Editors’ Picks
Shiba Inu eyes positive returns in April as SHIB price inches towards $0.000015
Shiba Inu's on-chain metrics reveal robust adoption, as addresses with balances surge to 1.4 million. Shiba Inu's returns stand at a solid 14.4% so far in April, poised to snap a three-month bearish trend from earlier this year.
AI tokens TAO, FET, AI16Z surge despite NVIDIA excluding crypto-related projects from its Inception program
AI tokens, including Bittensor and Artificial Superintelligence Alliance, climbed this week, with ai16z still extending gains at the time of writing on Friday. The uptick in prices of AI tokens reflects a broader bullish sentiment across the cryptocurrency market.
Bitcoin Weekly Forecast: BTC consolidates after posting over 10% weekly surge
Bitcoin price is consolidating around $94,000 at the time of writing on Friday, holding onto the recent 10% increase seen earlier this week. This week’s rally was supported by strong institutional demand, as US spot ETFs recorded a total inflow of $2.68 billion until Thursday.
XRP price could renew 25% breakout bid on surging institutional and retail adoption
Ripple price consolidates, trading at $2.18 at the time of writing on Friday, following mid-week gains to $2.30. The rejection from this weekly high led to the price of XRP dropping to the previous day’s low at $2.11, followed by a minor reversal.
Bitcoin Weekly Forecast: BTC consolidates after posting over 10% weekly surge
Bitcoin (BTC) price is consolidating around $94,000 at the time of writing on Friday, holding onto the recent 10% increase seen earlier this week.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.