Bitcoin Surge Pushes Crypto Markets up, but Bearish Signs Show up — Price Analysis

  • LTF (Low timeframe) trend: Sideways trending with bearish signals
  • MTF trend: We could see a MTF downtrend any time
  • HTF trend: Powerful uptrend

Bitcoin (BTC) had a sharp surge yesterday, after seeming like it was finally topping off after cresting $10,000. That surge, which seems to have sparked another collective push from the wider crypto markets, is being held at the regional (October) high of around $10,500, depending on the exchange. Some bear signs are starting to show up on the charts, and we could finally see a MTF switch to a downtrend soon.

Starting on the 4-hour, we see that a skewed double top has formed between roughly $10,150-500, with a bearishly diverging RSI pattern telegraphing danger. Given how fast and hard Bitcoin has shot up recently, a change in both MTF and LTF uptrends would be no surprise.

bearish signsBTC chart by TradingView

We can see, below, a shot from mid-2019 where this level proved an important resistance level. It may well hold for now, even though the HTF will likely crack it eventually.

resistanceBTC chart by TradingView

Stepping way back to the weekly for some context, we are reminded of just how good Bitcoin does look. The main trendline here is drawn from Bitcoin’s all-time-high, coming at the end of 2017, and across its regional high of $14k in 2019.

The implications of this should be obvious: when this trendline is broken, there will be very little – technically speaking – keeping Bitcoin away from regaining its all-time-high.

How close we areBTC chart by TradingView

This does not mean a break will come just now. We could reject here and head back down to retest this trendline; a great place for that would be just where it crosses $9,100, itself a very important level that was already taken out.

Four of the last five weeks have been green, and although this is not a record-setting figure, it does bear scrutiny. Bitcoin has already broken almost all the levels its needs to confirm an uptrend for at least the rest of 2020. Being held at $10,500 would not be the end of the world.

The views and opinions expressed here do not reflect those of and do not constitute financial advice. Always do your own research.

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Bitcoin Goes Above $10K 15 Minutes After President Trump's Speech on Law and Order

Siamak Masnavi

At 23:05 UTC (or 19:05 EDT) on Monday (June 1), 15 minutes after President Donald Trump finished explaining (during a speech from the White House's Rose Garden) how he was going to stop the rioting and looting going on across the U.S., the price of Bitcoin surged above $10,000 for the first time since May 7.

According to the White House, President Trump started delivering his prepared statement at 22:43 UTC (or 18:43 EDT).

Here are a few highlights from this speech, which took place on the sixth day of riots across the U.S. following the death of George Floyd whilst under custody of Minneapolis police:

"All Americans were rightly sickened and revolted by the brutal death of George Floyd... But we cannot allow the righteous cries and peaceful protesters to be drowned out by an angry mob. 

"The biggest victims of the rioting are peace-loving citizens in our poorest communities, and as their President, I will fight to keep them safe.  I will fight to protect you.  I am your President of law and order, and an ally of all peaceful protesters...

"But in recent days, our nation has been gripped by professional anarchists, violent mobs, arsonists, looters, criminals, rioters, Antifa, and others...

"That is why I am taking immediate presidential action to stop the violence and restore security and safety in America.  I am mobilizing all available federal resources — civilian and military — to stop the rioting and looting, to end the destruction and arson, and to protect the rights of law-abiding Americans, including your Second Amendment rights...

"Today, I have strongly recommended to every governor to deploy the National Guard in sufficient numbers that we dominate the streets... 

"If a city or a state refuses to take the actions that are necessary to defend the life and property of their residents, then I will deploy the United States military and quickly solve the problem for them."

President Trump finished his speech at 22:50 UTC (or 18:50 EDT), which is when Bitcoin's price surge started; according to data from CryptoCompare, Bitcoin was trading around $9,718 at 22:50.

The Bitcoin price then spiked above $10K approximately 15 minutes after the President's speech ended and by 23:35 UTC (or 19:35 EDT), or 45 minutes after the speech finished, Bitcoin's price had reached $10,332, as you can see from the 24-hour BTC-USD price below:

BTC-USD 24 Hour Chart  on 2 Jun 2020.png