This week, Bitcoin again approached the key level of $ 10,000, but the first cryptocurrency failed to gain a foothold above it. From the middle of the week, it was possible to notice active sales of various digital assets, which led to a decrease in the cryptocurrency market capitalization. But this decline may provide the bulls with opportunities for further powerful upward movement. This is facilitated by the news background.So, according to a new report by Fidelity Investments, more than a third of institutional investors own bitcoins or altcoins. This once again proves that large capital believes in the development prospects of the cryptocurrency market. At the same time, on June 10, Microsoft tech giant announced the launch of a beta version of the ION core network, a decentralized identification system that has been under development since 2019. But what does technical analysis say about the prospects for top cryptocurrencies in the market? Read the DeCenter review.

Bitcoin

On the four-hour Bitcoin chart, one can note the development of a decline after testing the cluster area of ​​$ 9,900– $ 10,000. At the same time, support at the level of $ 9,500 could not resist the pressure of sellers, and therefore the first cryptocurrency is trading below this mark. This may be one of the very good whale games that traditionally buy bitcoin at these levels. For short-term transactions, the current support is the $ 9150 mark, above which the line of the 200-day simple moving average passes.In the event of a further fall in BTC quotes, the first target will be the level of $ 8760 (38.2% correction for Fibonacci levels), and its breakthrough will allow the cost of the first cryptocurrency to rush further to $ 8330, $ 8050 and to the consolidation boundaries of $ 7300– $ 7500.

This option for the development of trading is still unlikely, but it should be borne in mind that any reduction will be used by whales to set long positions. Therefore, in the medium term we should expect a breakthrough of $ 10,000 and the development of an upward movement to a cluster of $ 10,400– $ 10,500. It is for these levels that the most fierce struggle of bulls and bears will unfold in the coming months.

On the daily chart, bitcoin also shows the development of a powerful consolidation, which is limited by the figures of the “Bear Flag” technical analysis (on the chart below its borders are indicated by light green color) and “Triangle” (on the chart below its borders are marked in orange). Ongoing support at $ 9,300 could be the starting point for an increase in the cost of BTC, where the 200-day moving average line runs. The $ 8,200 mark will also play in this role, where the lower border of the Triangle technical analysis figure is located.

In the long term, we can expect a consistent restoration of BTC quotes to the levels of $ 10,000 and $ 10,500. Overcoming them will open the way for profit taking at $ 11,000, $ 11,200– $ 11,300 and $ 11,800.