- Summary:
- Bitcoin price makes for third consecutive day higher highs and higher lows as the bullish momentum accelerates above the $10000 mark. Bitcoin continues
Bitcoin price makes for third consecutive day higher highs and higher lows as the bullish momentum accelerates above the $10000 mark. Bitcoin continues to make new highs in 2020 in a stellar start since the beginning of the new decade. BTCUSD is 45.37% since the beginning of the year and is one of the best-performing assets.
Bitcoin’s halving event, an event every four years where the bitcoin network undergoes a 50% reduction in its mining rewards, has been spreading bullish sentiment around the BTCUSD.
Bitcoin attracts more attention above the $10000 mark. Even central banks are now examining the technology to create their own digital currencies. Bitcoin will benefit from renewed interest from banks in Europe and the USA and governments, around the globe.
Hecter Peirce a SEC commissioner, proposed a three-year incubation period for the new digital currencies to be categorized as a commodity or a security. Until now, Bitcoin is the only asset accepted as a commodity, while there are positive recommendations for Ethereum and Litecoin.
Read our Best Trading Ideas for 2020.
Bitcoin Price Analysis
Bitcoin is 0.32% higher at $10389 as the positive momentum accelerates above the 10000 mark. Bitcoin hits today yearly highs against the US Dollar (BTCUSD) and against the British pound (BTCGBP).
On the upside, the immediate hurdle stands at $10500 the daily top. The next resistance stands at $10592 the high from September 8. More offers would emerge at 10930 the high from September 6.
On the downside, first support will be met at $10327. If bitcoin price breaks below the daily low, the next support stands at $9715 the low from yesterday’s trading session. Next support level is at $9714 the low from February 11th trading session.
All in all the momentum is bullish for the bitcoin and only a break below the $10000 mark might cancel the recent uptrend.