Analytics

$10,000 Is A Strong Resistance To Bitcoin

$10,000 Is A Strong Resistance To Bitcoin

According to Bloomberg News, the highest value cryptocurrency bitcoin has weakened after the surge last Friday, and $10,000 will become a strong resistance for Bitcoin.

The impact of Bitcoin supporting by China’s top leaders last Friday rose by $2,500, but it was never able to break through and remain above $10,000, indicating strong resistance near this price.

The historical price model shows that many investors are still waiting for bitcoin prices to break through this level to confirm the uptrend.

Based on the data from Bexplus, as of the time of publication, the price of Bitcoin has fallen back to around $9,100 and the recent trend is slightly weak.

China’s shift in attitudes towards the blockchain and encryption industry is a hot topic this week, and several regions and industries have launched positive policies to support the development of the blockchain industry this week.

For example, The central bank’s Shanghai headquarters issued the “Guiding Opinions on Promoting the Development of Financial Technology and Supporting the Construction of the Financial Technology Center in Shanghai”.

The opinion puts forward the promotion of independent innovation and research and development of security technologies represented by cryptography, quantum technology and biometrics.

Strongly support the research of underlying cryptography technologies such as basic cryptography and advanced cryptography, and promote the application and development of cryptography.

Also a well-known encryption analyst, Thomas Lee said that there are a number of signals recently indicating that the cryptocurrency market will turn into a bull market. In addition to China’s support and the sharp rise last Friday, the S&P 500 index hit a new high and bitcoin soared.

Shawn Cruz, trading strategy manager at TD Ameritrade, said that $10,000 has become a psychological barrier for investors. As investors continue to argue whether it is an asset or a currency, it is difficult to value it.