Bitcoin Just Painted a ‘Golden Cross’ But Is $10,500 Now Achievable?

Bitcoin Just Painted a ‘Golden Cross’ But Is $10,500 Now Achievable?

Gate Trade News Wednesday, May 20, 2020 216 1

The recent golden cross between key moving averages has Bitcoin traders wondering if a strong upside move to $10,500 is in the making.

Bitcoin (BTC) price remains in a somewhat neutral zone, caught between two highly consequential paths. For the past week, the top-ranked digital asset on CoinMarketCap has struggled to push above $9,900 in order to attack the $10K mark. 

On Tuesday morning Bitcoin made another attempt at $10,000 when the price quickly rallied to $9,900 as some sort of hiccup in the BitMEX trading enginecaused the exchange to cut out for nearly an hour. The move didn’t last long and for the remainder of the day, the price remained pinned below $9,800. 

Yesterday the mining difficulty rate dropped by 6%, meaning some miners who shut down their operations due to the block reward reduction and current Bitcoin price may also find it easier to mine Bitcoin after the difficulty adjustment.