Bitcoin just reclaimed $10,000 territory.
According to TradingView data, the cryptocurrency broke above the price point this Monday night after a week of idling in the low-to-mid $9,000s. Bitcoin last hit $10,000 during the first week of May, climbing back into the 5 digit zone after suffering a historic sell-off on Black Thursday that drove its price to as low as $4,200.
At the time of publication, Bitcoin is trading at just above $10,200.
This price jump is coming off steady growth in Bitcoin’s futures market, according to data from Bitcoin market analysis firm Skew. Based on data from Bitcoin investment company Bitwise, it’s also fed on about $1 billion in spot volume from retail participants over the last twenty four hours.
Bitcoin’s positive price action also comes on the tail end of a mayhem-filled week for the United States. This weekend, city streets across the nation swelled with protestors marching against the killing of George Floyd at the hands of Minneapolis police officers. Many of the protests morphed into full-blown riots as businesses were looted, defaced, and (in extreme cases burned). As riot police continue to clash with (and struggle to contain) the restless crowds, the National Guard has been deployed to numerous cities including Boston, Los Angeles and Minneapolis.
While Bitcoin’s price action is notable amid such an unstable domestic situation in the US—and may corroborate the bullish sentiment of Bitcoin proponents whose digital gold narrative is catching on with mainstream investors—there’s no guarantee Bitcoin will stay above $10,000 in the short-term, of course.
Bitcoin trader Scott Melker, for example, indicated on Twitter that $10,500 is really the price point that bulls want to signal a clear reversal.
It did fall back down from $10,000 in May, after all. So we may need to wait for it to retake $10,500 before we’re certain it’s sticking around this time.