Bitcoin Remains in Negative Trend as It Struggles to Take Out $10,000: Bloomberg

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Mon, 06/22/2020 - 18:55
Alex Dovbnya
Bitcoin and other cryptocurrencies are stuck in a negative trend, Bloomberg's indicator shows
Cover image via stock.adobe.com
Contents

According to the Bloomberg Galaxy Crypto Index, the Bitcoin and other top cryptocurrencies are currently in a negative trend.

The index is struggling to break above the 400 level after numerous days of sideways trading.

image by bloomberg.com

Bitcoin and Ethereum comprise 60 percent of the index’s weighting, with XRP coming in third place (20.59 percent).  

Related
Bitcoin Price Reaching $1 Mln Is 'Nonsense', According to John McAfee

An arduous resistance level 

Miller Tabak & Co's lead strategist Matt Maley states that the Bitcoin price could make ‘a moon shot’ if it manages to break above the $10,000 level: 

I must admit, I’m surprised that Bitcoin hasn’t done much recently given some of the speculation that more central banks are looking at cryptocurrencies in general.

The leading cryptocurrency surged to a local high of $10,429 on June 1, but a painful rejection came the following day.

Since then, Bitcoin has so far failed to win back its five-digit price tag.  

June 26 might be the day 

In today’s chart alert, Kitco’s market analyst Jim Wyckoff noted that this indecisiveness still ‘favored the bulls.’ 

On June 22, the crypto king surged to an intraday high of $9,631 on the news about PaPal and Venmo planning to offer cryptocurrency to their customers.

While it wasn’t enough of a catalyst for breaching $10,000, the expiration of more than $1 billion worth of Bitcoin options on June 26 is bound to bring more volatility to the market.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.


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