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ANALYSIS

Bitcoin price in range mode, will buyers overcome $10,000?


For a minute, forget how Bitcoin price trends. It is over for Chuck E Cheese. The mega-chain is broke. CEC Entertainment, the parent company of the restaurant chain that became a mecca for children and a crucible for parents, is filing for bankruptcy protection.

Of coronavirus, stressed businesses and Bitcoin’s role

The bad news is, the internet never forgets.

Roughly one year ago–in early July 2019, it seemed to have derided Bitcoin and its price.

Then, Bitcoin’s price was on its motion.

After peaking in late June 2019, BTC was quickly racing back to $10,000. Chuck E Cheese, while responding to the co-founder of Product Hunt, Ryan Hoover, indirectly called Bitcoin “fake currency.”

A year later, the Bitcoin price is better and stronger.

Trending strongly above $9,000 with a $169 billion valuation, Chuck E Cheese simply can’t withstand the consequences of Coronavirus-induced lockdowns.

In all fairness, no one can derive pleasure from this depression as businesses suffer. With suppressed sales and governments placing measures to curb the spread of the zoonotic virus, most traditional businesses are finding ways to diversify to boost their revenue.

Still, in the gloom and doom of COVID-19, Changpeng Zhao of Binance is confident. He told Forbes that in the post-coronavirus world, they believe crypto will play an ever-increasing role.

PayPal and Venmo may integrate crypto

If PayPal and Venmo end up integrating Bitcoin, offering a platform for trading cryptocurrencies, the least path of resistance for supported coins will be upwards.

Square’s CashApp supports Bitcoin. In a recent letter to stakeholders, they that for the first time revenue from Bitcoin charges surpassed fiat transactions.

Bitcoin price analysis

In the last week of trading, the Bitcoin price is stable against the greenback. It is down three percent but still trending in a bullish channel.

Price action in the daily chart suggests bulls. However, the Bitcoin price is trending within a tight trade range with caps at $10,000, and June 11, 2020, lows of $8,900.

There is a double bar bullish reversal pattern after the upswings of June 22, 2020. Still, the failure of buyers to conclusive reverse June 11, 2020 losses could pour cold water on bulls’ prospects.

Notice that prices are trending within June 11, 2020 candlestick as the Bitcoin price prints lower lows relative to the upper BB. This hints of weakness and a possible correction to $8,500 if prices close below $8,900.

For bulls to take charge, a solid close above $10,000 at the back of high trading volumes is required. A break above this immediate resistance level and $10,500 could see BTC prices soar to $13,800.

Disclaimer: This is not investment advice. Opinions expressed here are those of the author and not the view of the publication.





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