Bitcoin surges past $10,000 level

27 Jul 2020

Bitcoin surgingBitcoin’s price pushed past $10,000 on Monday for the first time this month and last seen on 2 June.  It represents a 4% jump over a 24-hour period.

The world’s largest cryptocurrency “rallied 12.76% since rising from $9,142 on July 21 and the price has yet to retest underlying support around $9,450,” according to crypto news site Coin Telegraph.

Of the price jump, the high-profile trader Glen Goodman noted on Twitter: “The Bitcoin breakout is looking impressive now. If it ends the week above $10,000, we'll have a solid green weekly candle above the long-term resistance (dashed) line. That’s psychologically meaningful to many traders and so would stoke bullishness.”

On Monday, deVere CEO Nigel Green offered an explanation for the increase.  “All eyes are now on the critical $10,500 level. Established Bitcoin bulls and new crypto investors could make this happen this week as tensions heightened between the U.S. and China, the world’s two biggest economies,” he noted.

“Investors are flocked to safe haven assets, in particular those not tied to any specific country, such as Bitcoin and gold, the latter of which hit record price highs on Monday.”

The cryptocurrency has long been described as ‘digital gold’ as its shares with the precious metal its key characteristics of being a store of value and scarcity and acting as a hedge against inflation.

Following this week’s Bitcoin developments, legendary analyst Peter Brandt told the media he believes the digital currency could hit $50,000 but declined to give a time frame in which this could potentially happen.