Bloomberg: $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.

According to the report, the impact of Bitcoin on China's top leaders on blockchain technology 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.

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.

Guangzhou issued the “Detailed Implementation Rules for Accelerating Blockchain Industry Leading Change”, encouraging the establishment of a 1 billion-yuan blockchain industry fund to attract social capital agglomeration to form a capital supply effect, providing angel investment, equity investment, and post-investment appreciation for enterprises. Such as multi-level services, the establishment of "multi-base + large funds" distributed financial ecosystem.

The central bank's Shanghai headquarters issued the "Guiding Opinions on Promoting the Development of Financial Technology to Support 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.

According to the data, as of the time of publication, the price of Bitcoin has fallen back to around $9,200, and the recent trend is slightly weak. And 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 suffered. The bottom of the index.

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.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Market

UBS Joins the Crypto Party: Following HSBC’s Lead

UBS Group, the Swiss investment bank, will now allow exclusive high-earners in Hong Kong to invest in crypto-connecte...

Market

Bullish Trend Emerges in Crypto Market as Binance and DoJ Edge Closer to Resolution

Binance exchange could potentially face a record-breaking $4 fine from the US Department of Justice (DoJ), causing a ...

Market

Bitcoin Rockets Towards $29K as Fidelity Amends Spot Bitcoin ETF Proposal

Bitcoin sees surge in price and trading activity as Fidelity and others make edits to proposals, anticipation for app...

Market

The Possibility of XRP and Ethereum ETFs: Insights from Valkyrie Executive

The likelihood of an ETH or XRP spot ETF being approved is significantly higher, especially considering the potential...

Market

Raoul Pal owns less than 2% of the cryptocurrency DogecoinGirlfriendHat (WIF) despite a 43% increase in the market.

Raoul Pal revealed that he possesses less than 2% of the popular memecoin dogwifhat (WIF), causing a surge in market ...

Market

Massive ETH Withdrawals Raise Security Concerns for Ethereum 😱

The recent significant ETH withdrawals from validators have brought attention to security concerns for Ethereum. Howe...