The price of Bitcoin moves above 10,000 dollars
The price of Bitcoin moves above 10,000 dollars

The price of Bitcoin moves above 10,000 dollars

By Federico Izzi - 2 Jun 2020

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The entire sector’s upward movement is still led by Bitcoin, the price of which, after about 4 months, is again above the psychological threshold of 10000 dollars. With the jump of the last few hours, in fact, the price of Bitcoin attacks the highs of the year recorded in mid-February just under 10500 dollars.

It is a strong and decisive signal that provides momentum to the entire sector.

Today, with more than 90%, registers a clear majority of positive signs. On the podium of the best, Nexo jumped more than 22%, followed by Loopring (LRC) and VeChain (VET) both above 15%.

Among the few signs in red today, there is Unibright (UBT), the only one to drop more than 10%. Falling just under 3% also Enjin Coin (ENJ) and REN, both coming from days of strong rises, during the last few hours are affected by profit-taking.

Similarly to the prices, sentiment is also reviewing the levels of early February with the Fear & Greed index rising to 56 points, confirming the return of confidence from investors.

The rises of the last few hours push total market capitalization to $285 billion, one step ($15 billion) from the record of the last 10 months recorded in mid-February. A record capitalization that Bitcoin has achieved in these hours at 185 billion dollars.

This shows how the Altcoins, especially those under 500 million of capitalization, despite the superior performance continue to have little relevance in total trading volumes. In the last 24 hours, the total volumes exceeded 120 billion dollars, with Bitcoin marking the highest level in the last two weeks (about 3 billion dollars traded on major exchanges).

Bitcoin price up to 10000 dollars

The breaking of the $9800, which for the whole month of May had three times repelled the bulls’ attack, triggers the bearish cover-ups, accompanying the rise that during the European night saw prices reach $10,400, a step away from the high of February 13th, when prices reached almost $10,500, the highest point since September 2019. The bullish trend that has accompanied the trend since mid-March is being confirmed. The breaking of the 10500 could trigger further coverage, attracting new purchases and the possibility of witnessing an even more vigorous climb.

bitcoin price 10000 dollars

For over 3 months the trend has not recorded any abnormal movement with volatility returning to pre-Covid 19 levels. The current phase does not seem threatened by any downward danger, although caution is required in phases where there does not seem to be any cloud on the horizon. A rise from the March lows of +160% could lead to some profit-taking.

Ethereum price chart

The queen of the Altcoins doesn’t miss her show. With the rise of the last few hours, the prices have revised the levels of early March, $250 area. There are still a few tens of dollars left to attack the highs of mid-March ($290). After some hesitation felt in the second part of May, Ethereum starts to rise again going to test the upper neckline of the bullish channel that has accompanied the trend since mid-March.

Only a return under $220 will trigger a first sign of danger.

Federico Izzi

Financial analyst and independent #trader – S.I.A.T. & partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. He was interviewed as a cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".

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