Coming every Sunday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.
Once again this week, BTC suddenly soared into five figures — hitting $10,380 soon after Donald Trump mobilized police and the National Guard to disperse protests outside the White House. The surge helped break a long-term descending trendline of $10,250 that had been in place since Bitcoin hit all-time highs in December 2017. Unfortunately, it wasn’t to last — and once again, the multiyear resistance of $10,500 was too much for BTC to handle, with the world’s biggest cryptocurrency plummeting by 14% in less than 15 minutes. Analysts, such as Michaël van de Poppe, believe bearish sentiment isn’t warranted right now, as an upward structure that has been in force since March 12 remains intact. Meanwhile, Keith Wareing believes these constant tests of $10,000 are becoming all too predictable — and thinks an eventual breakout could be much higher, catching everyone off guard. He wrote: “The bullish scenario of extending towards the first key resistance of $10,500 looks likely in the short term. Finally breaking out from this level would put $12,000 firmly within reach before experiencing heavy overhead resistance at $13,900.”