Bitcoin Short Term Price Action After Breaching $10K
Last updated on November 1st, 2022 at 03:26 pm
These last few days have shown some crazy movements in the price of Bitcoin.
The price of Bitcoin (BTC) has reached new highs since it’s tumble during the recent bear market. BTC breached the $10,000 mark and has even flirted with $11,000 for a brief time on certain exchanges.
This was the highest point that the coin has reached in over a year, not to mention a major psychological milestone that encourages novice and retail investors… potentially setting the market up for some FOMO.
Last week, the Bitcoin exceeded the $9k mark and spent the week balancing between this support level and a resistance at approximately $9.100.
After testing what many now are describing as levels of support, BTC seemingly found temporary stability before the next move.
This next bullish move started on Thursday, taking the price up to $9.600. The trend continued on Friday as well and eventually busted through the $10K barrier.
You can see the lates price as well as previous market action at CoinMarketCap
Bitcoin Bull Market
While the $10,000 mark is only half of Bitcoin’s ATH (All-Time High), it is still the highest the coin has been in the past 12 months. It is certainly the highest it has reached in 2019 thus far and it came as a result of a series of bull moves which started on April 1st.
The last time the coin was seeing this price was back in early March of 2018, although back then — the prices were dropping as a result of a strong bear market.
This new market movement is extremely significant for the world’s largest cryptocurrency, as it represents a massive turnaround from the coin’s lowest point. It is also a 212% ROI for those who took a chance and bought the coin six months ago when its price was at $3,200.
As many had expected and some predicted, the rally brought a major cash flow to the crypto market, allowing Bitcoin — as well as altcoins — a chance to see massive recovery.
Approximately $100+ Billion has entered the overall cryptocurrency market, boosting the entire market cap to over $300 Billion. Bitcoin dominance has continued to see a slow steady climb, meaning that the majority of investors and speculators are betting on Bitcoin.
With all of this, as of the writing of this post, Bitcoin has seemed to top out in the $10,700-$11,000 range. While there is little debate about the eventual move of the price of Bitcoin, this recent action leaves it’s short term moves in question.
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