Bitcoin Smashes Through $10,000 To Set Fresh 2020 High

Bitcoin Smashes Through $10,000 To Set Fresh 2020 High
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The Bitcoin price surpassed $10,000 today, rising above this key, psychological level and climbing to their highest since October.

The digital currency price had risen to as much as $10,007.56 at the time of this writing, CoinDesk data shows.

At this point, the cryptocurrency price had climbed 46% from its 2020 low of $6,852.09 on January 3rd and was trading at its highest since October 26th, additional CoinDesk figures reveal.

Bitcoin, the world’s most prominent digital currency, broke through $10,000 after flirting with this level for the last few days.

On February 5th, 6th and 7th, the cryptocurrency logged a series of higher highs, showing strong, upward momentum.

Kiana Danial, CEO of Invest Diva, commented on the situation.

“After bottoming out in January, Bitcoin has been gradually making its way up, but each time it’s hit a soft resistance.”

The digital currency most recently hit resistance at the “$9,800 zone,” she stated, which could serve to “delay” bitcoin’s uptrend.

Clearly enough, the digital currency price overcame this resistance to surpass $10,000.

Going forward, the digital currency’s upward momentum could trigger further gains, said one analyst.

“Once Bitcoin runs a bit more people will sell alts” to get into the cryptocurrency, said Marouane Garcon, managing director of crypto-to-crypto derivatives platform Amulet.

Now that the bitcoin price has surpassed $10,000, the next resistance areas to watch out for are $10,500 and $12,500, stated Jon Pearlstone, publisher of the newsletter CryptoPatterns.

SOURCE: Forbes

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