Bitcoin ended May with the price index settling at $9,453 on the 31st, the first time in nine months it closed at that level. Starting June at these levels keeps the door open for momentum to build in
Bitcoin ended May with the price index settling at $9,453 on the 31st, the first time in nine months it closed at that level. Starting June at these levels keeps the door open for momentum to build in the weeks ahead.
May served up plenty of drama for Bitcoin traders. The May 11 halving cut block rewards, an event that had drawn intense attention leading up to the date. Yet Bitcoin didn't rally post-halving as many expected. Instead, hash power declined as miners shifted to Bitcoin Cash and Bitcoin SV, searching for better profitability. During the month, someone moved Bitcoin from 2009—a transaction that triggered panic selling and wiped nearly 15% from prices. Buyers managed to recover from $8,100 and pushed back toward $10,000, though the move didn't stick.
Bitcoin started June near $9,500, testing resistance around $9,800.
Traders focus closely on the monthly close because it sets the tone for medium-term price direction. Traders had targeted a finish above $9,000 to preserve the support level at $8,750. May delivered: the monthly candle closed above $9,400, marking the first time since August 2019 that Bitcoin closed a month above $9,360. This level carries significance. When traders rejected it in years past, Bitcoin fell sharply. The deepest decline came on March 12, when prices bottomed at $3,800. Years earlier, when traders rejected that same $9,360 level during 2018, the bear market accelerated and carried Bitcoin down to $3,000.
May's price action oscillated between $8,100 and $9,966. Buyers pushed above $9,000, but sellers regained control. Both $9,000 and $9,500 became resistance levels after the retreat.
For the uptrend to continue, traders must clear $9,750 and $9,850 to target the key $10,000 level. First they need to break through $9,600. If they fail there, support sits at $9,300. Bitcoin currently rests near May's high of $9,745. From here, either outcome remains possible: a move above $10,000 could carry prices to $16,000 before year-end 2020, or a breakdown could test $6,000. Traders are watching $10,555 as a critical level that could confirm a bull move taking hold.
