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

Bitcoin prices surpassed $10,000 for the first time this year. (Photo by INA FASSBENDER / AFP)

Bitcoin prices surpassed $10,000 today, rising above this key, psychological level and climbing to their highest since October.

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

At this point, the cryptocurrency 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.

[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.]

“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.

PROMOTED

Clearly enough, the digital currency 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 bitcoin 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.

Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether and EOS.