Bitcoin 7-day chart. Source: CoinMarketCap
Bitcoin in numbers
Currently, on June 13, 2020, BTC is sold for $9,499.71 and has a total market capital worth $173, 724,711,022, and a circulating supply of 18,402,737 BTC. In the last seven days, the Bitcoin (BTC) value had a high of $9,938.30 and the lowest price of $9,263.07. The value is struggling to reach the $10,000 limit.
Post Covid-19 value
Despite its positive increase after the COVID-19 pandemic, the $10,000 area has acted as a strong resistance zone for Bitcoin. Any BTC price attempting to break the range, it was met with a brutal pullback and various analysts still warn that $10,000 price would continue to evade the largest cryptocurrency. This current market conditions create less uncertainty amongst institutional investors.
According to CryptoQuant, the on-chain data provider, the exchange selling momentum had gathered an increase in downward pressure.
Why does bitcoin price continue to reject a $10,000 price?
Three factors may have influenced the volatility - the Federal Reserve’s Federal Open Market Committee meeting, the liquidation of $14 million worth of short contracts, and the continued resilience of the multi-year resistance area from $10,000–$10,500.
Millions worth of futures contracts and longs are liquidated in quick successions due to a highly volatile price move in a short period within days, even hours. The price of Bitcoin surpasses between $10,000 moments before its big fall to $9,600. A $10,000 for 1 Bitcoin is so important right now.