Crypto Traders Explain Where Bitcoin Price Can Go After Fifth $10K Test in 11 Days

Crypto Traders Explain Where Bitcoin Price Can Go After Fifth $10K Test in 11 Days

Gate Trade News Wednesday, May 20, 2020 22 0

The price of Bitcoin continues to reject the $10,000 resistance level, crypto traders explain where BTC is headed next.

The price of Bitcoin (BTC) tested $10,000 a total of five times in the past 11 days. The price action can be considered as a bullish or a bearish trend based on varying perspectives. The quintuple test of a key psychological level at $10,000 can be analyzed in two ways: The $10,000 resistance level is getting weakened with every test, or the resistance is so strong that buyers are not able to break out of it.

Many top crypto traders believe that the mid-$9,000 area is a starting point to a new extended rally to the $14,000-to-$15,000 resistance range and with $20,000 as a medium-term target. Others foresee a sizable pullback to the $7,000-to-$8,000 region first, before Bitcoin’s price can aim for $14,000 and then attempt to break the record high.