The brewing storm that was a long-anticipated Bitcoin price breakout was witnessed earlier today when BTC made an impressive leap into the $10,000 price mark and shortly took a mild dip as the bears resurfaced.
Around midnight yesterday, the bulls took Bitcoin on a majestic ride from its $8000 and $9000 consolidation that had strongly gripped the market since the beginning of the month, and made a smooth crossover to trade at $10,082 at around 00:00 (UTC).
The cryptocurrency has since suffered a mild setback, although a race to the $10,000 levels is still highly possible and is certain to happen much faster than before; thanks to weakness in price rejection.
The Bulls are only just warming up
A lot of traders had anticipated the bull run especially when a bullish engulfing pattern surfaced on the 7th, at around 13:00 UTC, shortly after the bears pulled Bitcoin down below $9300. The bulls soon took control and mounted enough strength to drive price all the way up to the $9900 levels.
Even after tender bearish patterns trailed the charts, it was already clear that buyers were in control and that Bitcoin was set to add one more zero to its value; a price that was last seen in February.
At press time, Bitcoin sits at its previous resistance level now turned support with a promising $9800. While the bears struggle to take up space, Bitcoin which has already attained a 35% increase in less than two weeks is looking to retest previous highs and possibly crossover to $11,000, depending on how long the bulls persist.
Other factors that propelled the short term bull run
Whether you’re new to the cryptocurrency world or you’ve been around for a longer time, chances are, you must’ve seen the term “Bitcoin halving” a little too much for the past couple of months. In fact, since May, Bitcoin has made its way to the top ten most talked about topics on Twitter.
This may seem like mere publicity, but it isn’t, because the more Bitcoin continues to make rounds on the internet, the faster it influences buying and investment decisions, which goes on to affect trading volume in the long run.
In fact, the rate at which traders are buying long on Bitcoin has led to several speculations that a “consensus trade” is the backbone of the bull run, this means that there’s not only an influx of buyers, but they are all collectively going all in to buy as much as they can until the halving begins, and even after, in anticipation that prices blow up.