As of June 9, 2020, a majority of BTC miners are still holding on to their freshly minted coins, and this typically happens when Bitcoin holders are expecting prices to rise in the future.
Moreover, Bitcoin reserves on top cryptocurrency exchanges have dropped in recent weeks to a 12-month low.
These details are indicative of a possible rally in Bitcoin’s price, especially as miners sell fewer coins, and the BTC reserves on the exchanges drop, which all point to a possible uptrend taking place in the coming days.
BTC Remains Delicately Poised Below $10k
Currently, Bitcoin is slowly edging its way towards a major move in terms of price action as it continues to consolidate in a bullish manner beneath $10k. The top-ranked coin is trading at $9715 at press time.
A possible breakout above the $10,450 level remains the key target to the upside, as it has proven to be a point of severe rejection since Oct. 2019.
Looking ahead, if the bulls can push the price above $10,500, a sustained up-move is likely to begin as traders sitting on the sidelines will be forced to jump in.
BTC can then lift itself into a bull market from this zone, which may well launch the coin into a new all-time high before the end of the year.
ETH Just Days Away From Breaking Out Above a Key Level
The 2nd ranked cryptocurrency has over the last three weeks made a substantial 22 percent gain against BTC as investors turn bullish ahead of the imminent ETH 2.0 upgrade.
The update will purportedly increase scalability and security, both of which have been key points of criticism since Ethereum’s launch.
From a technical standpoint, Ethereum has formed a symmetrical triangle against BTC since its 0.0286BTC high on Feb.18, with it testing the upside of the triangle in late April.
Breaking above this key level of resistance would equate to a measured move to around 0.03BTC, which would be the highest point it’s been since this time in 2019.
At press time, Ethereum is consolidating in an uptrend at $243 level. Well, if the ETH price breaks above that, it would pave the way for a move towards $269 and $290.
The top altcoin has been stuck inside a tight range of $247 –$233 for the past few days. This suggests that both the bulls and the bears are waiting for the next trending move to begin.
A breakout of the $253.53 resistance zone will signal that bulls have overpowered the bears, at which point a rally to the $277 level is highly likely.