- Bitcoin fluctuates around $10k after another failed attempt
- BTC’s price surged slightly after the announcement of the Fed
- Bitcoin is on the verge of a breakout
Bitcoin News Today – The price of the world’s largest digital currency by market cap – Bitcoin (BTC) – has been hovering around the $10k region for the past couple of hours. Bitcoin has been fluctuating around that level after it failed to break through that psychological, key level yesterday afternoon.
At press time, Bitcoin (BTC) is changing hands at $9,920 after an increase of less than 2 percent over the past day, according to CoinMarketCap. A few hours ago, the price of BTC surged to a high of $9,980, its highest level since June 2. However, the digital currency quickly corrected lower and plunged towards the $9,750.
Bitcoin (BTC) Price Today – BTC / USD
| # | Name | Price | 24H % |
|---|---|---|---|
| 1 | Bitcoin(BTC) | $9,360.12 | -4.32% |
Bitcoin Started a Mild Rally after the Statement of the Federal Reserve
The price of Bitcoin started correcting higher gradually after the statement of the Federal Reserves at 2 PM EDT on June 10. Analysts are now wondering if the statement of the central bank helped to push the price of the digital currency higher. The managing director of Amulet – Marouane Garcon – said:
“I think the announcement of the Federal Reserve is great news for Bitcoin, but it does not move the needle.”
Joe DiPasquale – the CEO of BitBull Capital, a digital currency hedge fund manager – also gave a similar perspective. He said that the recent increase in the price of Bitcoin towards the $10k mark is not related to the announcement of the Fed. The chief executive of Invest Diva – Kiana Danial – provided a different point of view. Danial said that the recent volatility might have been as a result of the USD sell-off after the statement of the Fed. She said:
“Since Bitcoin is traded against the USD, a weak USD will push the BTC/USD pair higher.”
Analysts Believe Bitcoin Would Break $10k Soon
She said that if the selloff of the USD continues, BTC bulls might finally find enough momentum to break over the $10k hurdle point. Nevertheless, Danial said that the bulls have failed to break over that level convincingly over the past few months, despite making several attempts. In a more optimistic assessment, DiPasquale said:
“If the price of Bitcoin remains in the same pattern, chances are the digital currency would make a break over the $10k mark soon, with $10,200 acting as the near term hurdle. On the downside, the reliable support for the digital currency is the $9,500 mark.”
Danial also added that if Bitcoin succeeds in breaking over the $10k mark, the next major hurdles for the coin would be at $11,400 and $13,500.
