The Bitcoin price (BTC/USD) has managed to return above the $10,000 mark thanks to a sharp spike seen in yesterday’s afternoon session.
The original cryptocurrency experienced some rocky trading on Thursday morning, as its price made an unsuccessful attempt to test the $10,000 mark. Having opened the session at $9,698.50, the digital coin rose to around $9,960 in the morning, but then tumbled to as low as $9,376.80 in the early afternoon. However, this was swiftly followed by a big surge that finally lifted the Bitcoin price above the $10,000 mark. As a result of the surge, BTC hit a two-day high of $10,736.84 in late trading and eventually closed the session at $10,666.48.
While so far today Bitcoin has not seen big price moves, the coin has been declining gradually since the start of the session. Still, BTC has managed to stay relatively safe above the $10,000 level. At the time of writing, the Bitcoin price was hovering around the $10,350 level, according to data from digital currency tracker Coinmarketcap.
According to industry website Coindesk, yesterday’s sudden rebound could be associated with a “massive unwinding of short BTC/USD positions (profit taking)” seen around that time.
“With the sudden move above $10,000, the prospects of bitcoin breaching the former resistance-turned-support of $9,097 (May 30 high) have weakened,” the online publication wrote in a technical analysis piece. “That said, the bulls are not out of the woods yet and a break above $11,080 is needed to invalidate the bearish case,” the website warned.
In today’s trading, the Bitcoin price, stood at $10,336.13, as of 11:28 BST. The digital coin has gained 5.2% in the past 24 hours, Coinmarketcap data shows. The coin’s total market cap currently stands at $184.2 billion, which represents 65.7% of the combined value of all digital currencies.
Featured image: chanchai howharn / Shutterstock.com
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