Bitcoin Builds Momentum In Run To $10,000
Bitcoin has repeatedly approached $10,000 in recent weeks, testing this key price level before continually backing off.
The price of Bitcoin rose to as much as $9,954.95 on Saturday, May 5, briefly fluctuating close to $10,000 before falling back to $9,409.23 the following day, CoinDesk Bitcoin Price Index (BPI) figures show.
The digital currency once again moved toward $10,000, peaking at $9,634.83 earlier today and then retreating to $9,207.28 a few hours later, additional BPI data reveals.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
“The consolidation we’re seeing now is actually quite healthy,” said Mati Greenspan, senior market analyst for social trading platform eToro.
“In the meantime, we’re holding well above the support at $9,000,” he emphasized.
Since $10,000 is such a psychologically important level, it is perfectly normal for Bitcoin to encounter some resistance, stated David Johnson, CEO of tasking platform Latium.