Bitcoin has smashed through previous levels of resistance with a surge in the US$10,000 [AU$14,746] zone today. The asset is nearing critical levels which will confirm a major trend reversal if broken.
Bitcoin has surged to a three-month high during Asian trading today, topping out at $10,400 according to Tradingview.
The move has added almost nine percent on the day to BTC prices, the majority of it in one big green hourly candle a couple of hours ago.
Trader and analyst Josh Rager commented that a close above $10,370 would be “insanely bullish.”
$BTC breaking above daily resistance
Showing no mercy to bears and is on route to try to brak above $10,300s
Closing above $10,370 would be insanely bullish pic.twitter.com/0l8YTrJ6Uy
— Josh Rager 📈 (@Josh_Rager) June 1, 2020
The previous high was around $10,500 and until this level is broken, BTC markets are still in a downtrend. It is crucial that the bulls step up this time and take prices higher to confirm a two-year trend reversal.
Since the big pump, BTC has pulled back to the $10,100 area so the next few hours will be critical.
The move has lifted total crypto market capitalization to its highest level since late February at around $283 billion.
Featured image courtesy of Aleksi Räisä/Unsplash