In the past 24 hours, Bitcoin has been range-bound between $9,575 and $9,870. In morning trading on June 11, the top coin broke out above the $9,800 level, giving many investors hope that the $10K milestone was in sight. However, BTC was drastically pushed back shortly afterward and is trading just above $9,200 at press time.
Bitcoin’s Indecisive Movement
Bitcoin’s price moved up by just 0.6% in the past 24 hours of trading. The price managed to break out from a near-term downward resistance line that has been firmly in place since June 5, suggesting that the price could move up in the coming days. However, in the final hours of trading, BTC prices plunged drastically to the $9,200 level.
A breakout from its earlier level was expected, but it turns out that a rejection has occurred, causing the price to drop to the $9,450 support level.
Bulls are currently having a tough time trying to break above this crucial level of support, and the apparent reception in the last few hours could scare buyers away as the BTC market has been flat except for several false breakouts (fakeouts).
On the bright side, the more attempts to break a resistance line at $10K, the higher the chances it will actually break-up from the seemingly endless psychological battle.
If BTC does break out, the first resistance level is the $10K mark, followed by $10,200 and the recent high at $10,500.
ETH Is Still Bullish After Onyx Testnet Launch
At the time of writing, Ethereum is down by 1.10% to $241.80. A mixed start to the day saw ETH rise from an early morning low $248.06 to a high $248.50 before easing back to currently trading at $230.
Looking ahead, ETH can be expected to test at level 237, where we can anticipate an attempt to continue the growth of ETH/USD and the further development of an upward trend. As such, the second-ranked crypto-only needs something to spark a break of $250 and take ETH up to $300.
Despite the lack of price action in the last week, ETH is still bullish. The digital asset peaked at $253.47 on June 2 and has been consolidating ever since.
An announcement could drive a further lift to the upside for the top altcoin on June 10, 2020, from Blockchain firm Prysmatic Labs over their successful launch of the Onyx Testnet for ETH 2.0.
This new testnet is aimed to be the last, non-trivial spec update before Mainnet for phase 0. It will ensure balances remain the same for optimal validators during inactivity leak, which will considerably enhance the user experience.