Over the past week, Bitcoin price consolidated at around $9,400 – $9,700, and Thursday (Jun 11 it surged to above $9,900 again. However, it failed to remain at this level, and sharply declined $600 and hit the lowest of $9,131 in 24 hours. This is the third time that the Bitcoin price rejected above $10,000.
Why Bitcoin Failed to Break Above $10,000?
The move follows warnings about the bearish state of the market from Bexplus analysts. According to Kwok, an analysis director from Bexplus exchange, there are 2 factors that pushed Bitcoin price downside again.
- The FED FOMO Meeting Claimed Economic Uncertainty in U.S.
The FOMO meeting by Fed launched during Wednesday and Thursday. Federal Reserve chairman Jerome Powell stated the job market may have hit rock bottom. Since the beginning of this year, the unemployment data has affected that in stock market as well as crypto area. Right before the Bitcoin drop, pre-market data of the Dow Jones indicated a 900-point drop. And the uncertainty across all assets classes may led to a short-term drop for BTC.
- $10,500 is A Strong Resistance in Multi-years
Historically, the $10,000 to $10,500 range has served as an important multi-year resistance range. Every time that BTC attempted to break above this range, it was met with a sudden and brutal pullback. And in the following days, BTC will try to rally above $9,800, and then $10,000 again to test and weaken the barrier in the uptrend.
How to Hedge Loss in BTC Spot and Earn More BTC?
There is a saying in crypto market – “Earn money in bull market, and accumulate Bitcoin in bear market”. BTC futures trading is the best trading product that can help you increase your Bitcoin stock in the bear market.
Bitcoin futures trading is a popular instrument that allows trader to profit on the market fluctuations. It enables investors to go long or short BTC price, that is both uptrend or downtrend are profitable. Besides, one of the reasons why so many traders are attracted to BTC margin trading compared to spot trades is that you can usually get higher leverage. Leverage involves borrowing a certain amount of money to increase your initial money.
Bexplus is a cryptocurrency futures exchange, which provides users with proper liquidity, a variety of trading tools and features, while also maintaining security and a safe trading environment. In Bexplus, you can trade BTC, ETH, LTC, EOS and XRP perpetual contracts with up to 100x leverage. Invest in 0.1 BTC, you can buy a contract worth 10 BTC. And your potential profits will also be amplified 100 times
Let’s see the example to make profits with BTC futures added 100x leverage:
- If you invest 1 BTC in the BTC futures trading shorting BTC at $9,900, when BTC drops to $9,300, you will earn 1 BTC * ($9,900-$9,300)/$9,300 *100% = 6.45 BTC.
- If longing BTC with 1 BTC at $9,300, when it climbs back to $9,900, you will also earn
1 BTC * ($9,900-$9,300)/$9,900*100% = 6.06 BTC.
Note: You can set stop-profit and stop-loss to guarantee the profits you got and lower the risks.
Why Choose Bexplus:
- Easy registration with email address. No KYC is required, keep your personal information private.
- 10 free BTC for trading simulation.
- Up to 100x leverage. Gain 100% profit on 1% price movement.
- Buy or sell perpetual contracts anytime you want. No expiration.
- Ultra-fast and simple withdrawal process.
- High liquidity. All orders will be executed immediately with low latency.
For bold and experienced investors, 100x leveraged BTC futures trading is the best way for them to maximize the profit with small amount of capitals. Register and trade BTC futures now, you can enjoy up to 10 BTC deposit bonus!