- Bitcoin continues to face strong hurdle on the upside
- Bitcoin makes its fifth $10,000 test in 11 days
- Crypto traders and analysts believe Bitcoin would soon hit $14k to $15k in the near term
Bitcoin News Today – Bitcoin (BTC) put up a pretty interesting show after plunging to the low of $3,800 back in March. The recovery of the digital currency has been strong and it has broken over several major hurdles on the upside. Nevertheless, Bitcoin has been facing strong resistance at the $10k mark. It has managed to break over the $10,000 mark a few times, but the bulls always fail to hold gains.
Bitcoin has been rejected at that level several times. This month alone, there have been several attempts to break over that level, but they all failed. Bitcoin was rejected again a few hours ago, and this marks the 5th test in 11 days.
Bitcoin Has Been Rejected Five Times at $10k in 11 Days
Over the past 11 days, the price of Bitcoin (BTC) has tested the $10k mark five times. Based on different perspectives, the price action of the digital currency can be considered a bearish or bullish trend. The five consistent tests of a vital psychological level at $10k can be analyzed in two ways. The first way is that the $10k hurdle point is gradually getting weak with every test and the second is that the hurdle is very strong that buyers are not able to break through.
Many top digital currency traders and analysts believe that the mid-$9k range is the starting point to the next major rally to $14k-$15k hurdles. Whereas, the mid-term target is the $20k mark. Nevertheless, other analysts are saying that the price of the digital currency might plunge towards the $7k mark before it could start another rally towards the $14k mark.
Has Bitcoin’s Post-Halving Effect Started?
Crypto traders are debating whether the present price action of the digital currency is the beginning of a bullish trend accompanying the long-awaited Bitcoin halving event that took place on May 11. Bitcoin halving is a highly optimistic event for the price of the digital currency, as it has a direct impact on the supply of the coin.
The event sees the reduction of the amount of BTC mined by 50 percent, and this reduces the rate at which new Bitcoin is minted. In the past, the halving of 2012 and 2016 caused the price of the digital currency surged by at least 2,500 percent. As such, many are expecting this year’s Bitcoin halving event to yield similar results. Many were even expecting the digital currency to break over its all-time high of $20k, with some releasing bullish Bitcoin price predictions of $100,000.