Technical analysis

A new bullrun on Bitcoin when the $10,000 mark will break?

Julien Moretto – 20 May 2020

A week of indecision in the crypto market. The price of Bitcoin, up 12% in a week, is nevertheless ranging between $9,000 and $10,000 to settle around €9,000 ($9,800) on May 20. The €9,200 ($10,000) resistance level is about to be tested for the third time in two weeks. The more the price consolidates under this resistance, the greater the chances of a bullish break taking place.

Altcoins remain correlated to Bitcoin, even if some values stand out this week, such as Zcash with +19% and especially OmiseGo with +60%. Ethereum remains in its resistance zone between $200 and $220. Indecision is also noticeable in the stock markets. The U.S. S&P500 index has been hovering for several weeks around 2850 points, a potential bearish reversal level after several weeks of rebounding. The correlation between the crypto sector and the stock markets therefore seems to be continuing. Analysis.

  • According to CoinGecko, capitalization is up again this week to $259 billion, up from $246 billion seven days ago.
  • Bitcoin’s dominance remains high at 66.7% compared to 66.3% last week.
  • The OmiseGo Altcoin (OMG) offers the best performance in the top 50 with +60% over the week.
  • JPMorgan Bank is now opening up to cryptos companies and is beginning to grant customer accounts to a few platforms.

We invite you to discover our analysis in video (recorded on may 19, in french)

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