Bitcoin has in the past few weeks struggled to reach and stay above $10K. In the last few days, the asset has mostly traded within the $9,500 and $9,700 price range. Starting yesterday the top coin began rallying.
In a couple of hours, the asset climbed from $9,500 to hit the $10K mark. It would go on to reach highs of $10,100 earlier today before meeting major resistance and dropping back.
During the day, prices have slipped below $10K but the bulls have remained adamant and keep getting it back up. This bullish persistence comes in the wake of a major milestone by the coin. Bitcoin’s total circulating supply has hit 85% in the last 24 hours. Now there is only 15% more to be mined and there will be no more new Bitcoin being created.
Scarcity To Continue Boosting Prices
As of Wednesday, the total number of Bitcoin mined reached 17,850,000. This makes out to 85% of the total 21 million. According to many, this means that scarcity is about to kick in.
It is well known that scarcity creates value and so as this number nears the 21 million mark, the value will climb. At current prices, the asset is 50% down from its all-time high which means these could be the best prices to buy at ever, a point noted by many analysts in the past.
Major Resistance Ahead
Bitcoin continues to struggle to find support above $10K. Although the asset has successfully climbed above this, it is clear that there is major resistance ahead. For now, the short term resistance is $10,100 which would likely ensure possible support above $10K. In the mid-term, there could be further resistance in the $10,500 position before the bulls can reach out for $11K.
As we reported, the FED has cut interest rates in the last few days which could boost Bitcoin. There hasn’t been an immediate response from Bitcoin but it has been clear that this move will unsettle most markets. After the FED chairman made the announcement DOW dropped considerably. For Bitcoin, the announcement can only see the asset’s price rise.
