At over $ 9,700, Bitcoin’s next uptrend could leave the major resistance at $ 10,500Bitcoin price remains below $ 10,000 due to the sideways movement in weekend trading, preventing a slump below $ 9,900. The second week of June begins with Bitcoin experiencing a low upward trend and prices arriving at just over $ 9,700.Low volatility at the time of item creation also means that buyers in the European trading session could consolidate at this level.
A bundle of factors indicates an upward trend
A look at Bitcoin network health and participation shows that there are several factors that could lead to a renewed price upward trend.The outflow from exchanges has continued over the past week, with the likely scenario that investors expect future price increases and are willing to gamble on this motivation. As users are likely to send inventory to wallets, reduced selling pressure in the medium to long term may lead to a potential BTC price breakout.The on-chain analysis platform Glassnode determined that the Bitcoin reserves on exchanges “currently hit a 1-year low of 2,310,466,600 [Bitcoins]”.
The previous week also welcomed the recent adjustment of mining difficulties in the BTC system, which rose with a downward correction to 9.3% after a 6% drop after the third bitcoin halving.A third could follow two negative adjustments – it is estimated that this could be around 7%. It will only be the third time in Bitcoin history that the network will experience three or more consecutive downward corrections.In 2011, the network recorded eight consecutive negative adjustments; in 2018, the price of the bitcoin rose from a low of $ 3,100 to more than $ 14,000 after the level of difficulty dropped three times in a row.