Commodity Blog

Commodity news, technical and fundamental analysis, market data on precious metals, energies, industrial metals, and soft commodities


Bitcoin Passes $9,600 and Looks Towards $10,000 Resistance

June 23, 2020 at 0:28 by Matt Jackson

Following weeks of relative inactivity, the Bitcoin price has broken above $9,600 and looks set to take a stab at $10,000 following a 3% price gain in Monday’s trading. The world’s largest cryptocurrency briefly tipped $10,000 at the start of June, reaching as high as $10,200 on June 2. However, the move was shortlived, falling back below the major psychological milestone later the same day. Despite passing $9,900 on June 11 and falling to $9,000 on June 15, the cryptocurrency, which is usually known for its high volatility, has endured a prolonged consolidation stage.

Reaching $9,600 is hardly a milestone in itself, but the currency is now trading well above the 10-day and 50-day moving averages, which may indicate a bullish move is ahead. Anything above $10,050 would be considered a breakout, and could signal a significant price increase, but there are choppy waters ahead between its current level and that target.

Most other coins have followed a similar trajectory upwards, with the likes of Ethereum posting nearly 6% gains. EOS and Ripple have posted the worst results of the top 10 coins, but even they have gained more than 1.5% in the past 24 hours.

A move by online payment giant PayPal could lead to further momentum, as the company has posted two public job listings looking for crypto experts. Sources inside the company have stated that the payment giant is looking to offer crypto to fiat exchanges directly from their platform.

Currently, it is possible for users to integrate their PayPal account with their Coinbase account, allowing for a relatively seamless exchange experience, but if PayPal were to start accepting cryptocurrency as a payment method, this would open the market and allow swathes of businesses and consumers to start using the likes of Bitcoin and Ethereum.

Mass take-up is often cited as being the primary obstacle to Bitcoin’s mainstream adoption. Currently, businesses that wish to accept crypto must set up a crypto gateway or encourage their buyers to send money directly to a Bitcoin wallet. The process is too arduous for casual buyers, and only those that already have a wallet and funds are likely to use this method.

The job ads are for a Crypto Engineer and a Blockchain Research Engineer. Even the hint of this kind of move could be enough to give Bitcoin upward momentum. The company recently listed cryptocurrency as being one factor that could negatively impact their bottom line, and it is rumored that they are looking for ways to minimize any potential loss while getting in close to the ground. PayPal is certainly no stranger to taking a new payment model to market. Their own platform and payment system was widely criticized when it launched, and they had a hard time convincing the general population that PayPal was safe and effective. For them, it took integration into eBay’s online bidding platform for them to become a mainstream platform. PayPal could turn out to be Bitcoin’s eBay.

At 01:00 GMT, Bitcoin (BTC) prices had risen by 3.55% and the world’s largest cryptocurrency was changing hands at $9,644.62, the first time it has traded above $9,600 in 12 days. Meanwhile, Ethereum (ETH) has pushed above the $240 mark, adding 5.85% to its price and trading at $242.46. Ripple (XRP) has remained flatter than most, increasing by just 1.89%, although at $8.4 billion, it still has a considerable market capitalization buffer over Bitcoin Cash (BCH), which has a market cap of $4.4bn but is now trading at $240.13 after seeing its price increase by 3.75%. Rounding out the top five coins by market cap is Bitcoin SV (BSV), which increased by 2.93% to reach a price of $177.69.

If you have any questions and comments on Bitcoin today, use the form below to reply.

Leave a Reply