Cryptocurrency
Bitcoin Tops Monday High, Hits $9,772 on Tuesday as Market Consolidates
Bitcoin Hits $9,772 on Tuesday Amid Indecision
Bitcoin sustained Monday’s upsurge to hit $9,772 on Tuesday morning during the Asian trading session.
The world’s most dominant cryptocurrency pulled back from $9,772 it traded earlier in the day to $9,615 as the market continues to crave that extra volume to push and sustain price above the $10,000 resistance level.
“Bitcoin remains wound up in its consolidation phase, a reminder why it’s a good idea to await breakouts [and] breakdowns,” Stockton stated. “A breakout continues to appear more likely than a breakdown from an intermediate-term momentum perspective and would occur above $10,055 in our work.”
While the digital coin remained within the consolidation region, it has successfully sustained price above the $8,781 support level since May 27 when the price first crossed that level following Bitcoin Halving.
As stated previously here, the increase in Bitcoin holding within the system will sustain price at the current level but for a sustainable break above the present level, new money or outside fund would be needed to bolster price.