Bitcoin breaks above the resistance level of USD 9600..."Miners are optimizing the mid and long-term price"

Last night, the New York Stock Exchange(NYSE) stock prices rose even with the anxiety over the second wave of the COVID-19, thanks to an expectation for the US government's economic stimulus plan and the increase in tech companies' stock prices.

On June 22nd(ET), Dow Jones Industrial Average 30 Index was traded at 26,024.96, advanced by 0.59% compared to the previous trading session. Standard&Poor's(S&P) 500 Index was traded at 3,117.86, increased by 0.65%; Nasdaq tech stocks at 10,056.47, advanced by 1.11%. As for Nasdaq Composite, it recorded the highest stock prices.

For last 24 hours, Bitcoin(BTC), the world's biggest digital asset, broked the resistance level of USD 9,500 and USD 9,600, out of box pattern, which moved between USD 9,250 and USD 9,600. But some suggest that the rise of BTC price over USD 10,000 would be a sign of bullish trend, as the cryptocurrency's price was changed in the level of USD 9,000 to USD 10,000 over a month.

Market and analysts are mostly optimizing the future of BTC. "The rise of BTC price is continuously contained in the support level of USD 9,100 and the resistance level at USD 10,000. But, technologically, BTC is gradually establishing its momentum. And the so-called "whales", who hold millions of dollars in BTC, are steadily rising despite the low levels of volatility. It means whales are preparing for a BTC rally," reported Crypto Briefing, an online digital currency news media.

"Hashrate hasn't been fallen even with the rise of mining level. Miners are optimizing BTC's future," explained Cointelegraph, a cryptocurrency news website. In 2017, mining difficulty adjustment spiked by 14.95%, the largest increase for the first time in 2 years. But, hashrate hasn't been dropped, and its rate has been largely recovered.

"Currently, the price of BTC is staggered. But, such trend can be end after its price break above USD 10,000. My mid-term target is USD 12,000. But, before the price records USD 12,000, its price may show an irregular change, due to the correlation with the equity markets," said Matthew Dibb, a co-founder and COO of Stack, a provider of cryptocurrency trackers and index funds, on his interview with CoinDesk.

Meanwhile, Xinxi Wang, the co-founder of Litecoin, expressed his scepticism over BTC. "BTC has many reasons to be failed. It is not the best trading asset, store-of-value, so-called digital gold, nor the best risk hedge. It may be nothing more than a bubble, as Ray Dalio has once opined, or it may be worthless, as Warren Buffett has said," he argued.

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