Bitcoin enthusiast were celebrating today as the world’s most dominant cryptocurrency finally edged over the $10,000 line.
The psychological barrier has been within touching distance for days, but trading volume couldn’t quite give it the final push above $9,800 as it looked like BTC was preparing to slump ahead of May’s halving.
However, a sudden rush of buyers in the early hours of Sunday morning gave Bitcoin enough momentum to carry it across the $10k mark and cement a leading role in what has been bullish narrative over recent weeks.
Despite the golden cross a few days ago, typical volatility took hold and planted the seed of doubt in many minds where the significance of reaching double figures is not lost. The 50 exponential moving average darted over the 200 EMA to the upside for the first time since April 2019, signalling a bull dominance that looked likely to materialise on Friday.
A bearish fight repeatedly held the price down but, by 2am this morning, the portents of destiny were in positive mood as BTC began to climb unchecked from $9,970.
By 3am, any bearish resistance appeared to have transformed into a welcoming committee with a full $100 rise within the hour.
The scene for today’s noteworthy value was set days ago. Bitcoin moved 5% upwards on Wednesday as it looked to test an apparent $9,600 level of resistance with $10,000 within sight.
May’s halving is clearly a driving force behind this latest rally which has seen Bitcoin spring from $6,400 to $10,000 in under seven weeks.
Bitcoin’s block reward halving will see miners accrue just 6.25 per block rather than 12.5, creating increased scarcity and, therefore, higher demand for holding digital assets.