Bitcoin is ready to break the $10,000 resistance level, Bloomberg Crypto Outlook report says.
On-chain metrics point toward a firming bitcoin price foundation.
Bloomberg sees an opportunity for bitcoin price surge as a number of used bitcoin addresses hits a two-year high support.
The report also says the bitcoin blockchain hashrate and the amount of transactions “indicate a strengthening base of support around $8,000.”
“A rise in addresses used indicates increasing adoption,” the report highlights.
Bloomberg states the surging market capitalization of stablecoins shows currencies are going digital and supports the bitcoin price.
The side effects of coronavirus result in the shift away from fiat money and stimulating plenty of quantitative easing, which is helping independent stores-of-value such as gold and BTC, the report pointed out.
Even though bitcoin (EXANTE: Bitcoin) recently managed to break the $10,000 key resistance level, the cryptocurrency failed to hold the support level and dropped back to $9,500.
At press time, the largest cryptocurrency by market cap is trading at $9,619 (+0.95%), according to CoinMarketCap.
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