Bitcoin Price Probes $11,000 as Crypto Bulls Extend Their Run

Bitcoin Price Outlook:

比特币价格展望：

• BTCUSD briefly surged above $11,000 as buyers look to continue the string of gains the coin has enjoyed in 2019

  BTCUSD短暂飙升至11,000美元以上，因为买家希望继续这个字符串硬币在2019年享有的收益

• To that end, Bitcoin boasts a return of roughly 185% in the year-to-date

  为此，比特币在今年迄今为止的回报率约为185％

• Interestingly, retail traders have increased their long-positioning following the price surge

  有趣的是，零售交易商在价格飙升后增加了长期定位

Bitcoin Price Probes $11,000 as Crypto Bulls Extend Their Run

比特币价格探测11,000美元，因为加密公牛延长了他们的行程

After jumping nearly $750 on Friday, Bitcoin topped the psychological $10,000 mark for the first time since March 8, 2018. The move extends the coins incredible run in the year-to-date, with BTCUSD boasting a gain of roughly 185% in 2019. On Friday, I cautioned that weekend trading conditions would result in lower volume and therefore more drastic price swings, but hindsight reveals the move was etched amid healthy volume – adding credence to the move. That said, the coin may need to consolidate before bulls look to further its drive higher.

在周五跳出近750美元之后，比特币突破心理价位10,000美元大关2018年3月8日以来的第一次。此举延长了今年迄今为止难以置信的硬币，BTCUSD在2019年的收益率大约为185％。周五，我提醒周末交易条件将导致交易量下降因此价格波动幅度更大，但后见之明显示此举是在健康的交易量中徘徊 - 增加了对此举的信任。也就是说，在多头寻求进一步提高其推动力之前，硬币可能需要巩固。

Bitcoin Price Chart: 1 – Hour Time Frame (May 16 – June 24) (Chart 1)

比特币价格走势图：1 - 小时时间框架（5月16日 - 6月24日） ）（图1）

To that end, BTCUSD can now look to $10,000 as psychological support coupled with the nearby Fib levels at $9,545 and $10,010. Secondarily, an ascending trendline from mid-May could potentially join the fray if the two Fib levels prove insufficient. To the topside, Bitcoin will run into resistance around $11,550 – a level marked by the swing highs from February and March 2018.

为此，BTCUSD现在可以看到$ 10,000作为心理支持耦合附近的斐波那契水平为9,545美元和10,010美元。其次，如果两个Fib水平证明不足，从5月中旬开始的上升趋势线可能会加入竞争。在上行方面，比特币将在11,550美元附近遇到阻力位 - 这个位置是2018年2月和3月的摆动高点。

Bitcoin Price Chart: Daily Time Frame (May 16 – June 24) (Chart 2)

比特币价格走势图：每日时间框架（ 5月16日 - 6月24日）（图2）

Despite the soaring price, retail traders are confident the Bitcoin rally will continue.Retail trader data shows 79.3% of traders are net-long with the ratio of traders long to short at 3.83 to 1. The number of traders net-long is 11.9% higher than yesterday and 17.8% higher from last week, while the number of traders net-short is 13.2% higher than yesterday and 1.3% lower from last week. Since, we typically take a contrarian view to crowd sentiment at DailyFX, retail trader positioning would suggest the price of Bitcoin may fall.

Similarly, the recent pace at which Bitcoin has climbed is reminiscent of its meteoric rise in late 2017 – and the similarities are not lost on investors and market pundits. With that in mind, consolidation would be prudent and could instill renewed investor confidence. Still, deteriorating emerging market currencies and the widespread media coverage of the cryptocurrency market with the arrival of Facebooks Libra may continue to provide a tailwind for Bitcoin and other cryptocurrencies.=

同样，最近的节奏在比特币已经攀升，这让人联想到2017年底它的迅速崛起 - 投资者和市场专家并没有失去相似之处。考虑到这一点，整合将是谨慎的，并可以灌输新的投资者信心。尽管如此，随着Facebook Libra的到来，新兴市场货币的恶化以及加密货币市场的广泛媒体报道可能继续为比特币和其他加密货币提供一个顺风。