Lorenzo Stroe
Independent Analyst
- After a notable price surge on June 22, Bitcoin established itself at $9,650.
- The daily bull flag can easily break within two to three days.
After rumors from PayPal and Venmo adding cryptocurrency payments, Bitcoin and the rest of the market saw a big pump. BTC/USD peaked at $9,786 before a slight correction to $9,600 but still managed to close at $9,689 above the daily 12-EMA and the 26-EMA which have remained bullish.
BTC/USD daily chart
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A clear trend change occurred on June 22 and Bitcoin is trading inside a daily uptrend. There is really not a lot of resistance to the upside, in fact, $10,000 is the only real resistance level that bulls need to worry about.
We know that $10,000 is crucial and Bitcoin has been rejected from the level several times in the past. If the bull flag is confirmed and BTC can climb above $9,786, it could easily break $10,000, this time for good. There are many fundamental metrics in favor of Bitcoin but another rejection at $10K would be devastating.
BTC/USD technical levels
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