Bitcoin’s breach of the $10,000 level a few days ago was met with overwhelmingly positive sentiment from the Bitcoin community. However, just as it was labeled a harbinger of the bull run to come, the world’s largest cryptocurrency dropped below the $10k mark, landing at $9800.
However, such movement has only encouraged proponents of Bitcoin, with many analysts claiming that the drop was due to large sell-offs by investors who had bought Bitcoin before the dip under the $10,000-mark. This has left only the HODLers behind, most of whom expect Bitcoin to reach new highs this year, especially in light of the approaching halving.
Written off as a corrective move, the community of HODLers sat patiently as the king coin spent the next two days consolidating between the $9700 and $9900 levels. Bitcoin has now, finally surged past the $10,000 mark.
Source: BTC/USD on TradingView
In a single swoop, Bitcoin rose by 3.66%, soaring past the $10,000 and $10,100 levels in an hour, while also recording a massive surge in trade volume. The price has risen further since, with Bitcoin’s price recorded to be $10,263 at the time of writing.
The MACD appeared increasingly bullish on the 1-hour time frame, something that might highlight further appreciation in the short-term. Additionally, the price managed to cross the 50-moving average, another signal of additional gains in the near future.
Bitcoin’s volatility seemed to be on the rise as well, with the Bollinger bands widening around the latest price candle. However, the fact that the last price candles for Bitcoin rose above the limits of the bands could be a cause for concern for some.
Many in the community expect this present surge to be the precursor to the world’s largest cryptocurrency touching new highs this year, especially since the cryptocurrency’s supply halving approaches in just over three months. However, only time will tell if this move is a temporary pacifier or a sign of things to come.
