Bitcoin price breaks above $8,000: Will it hold?

Despite plunging to a low of $7,739 earlier today, Bitcoin (BTC) appears to be on the mend and has broken back up through the $8,000 price point. As it stands, the bitcoin price sits at $8,042, having gained around 2.5% in the last four hours.

Bitcoin has been flirting with the $8,000 price point for the past several days, and first passed the threshold back on January 7, 2020. However, despite reaching a peak of almost $8,400 just a day later, the price of bitcoin began to fall off.

This uncertain price activity comes despite the Bitcoin network hitting a new all-time highest hashrate just two days ago. This is seen as a good sign for the network because it shows more miners are keeping it secure.

What could have caused such a quick turnaround? Well, while the price didn't immediately respond, it rose not long after Tesla CEO Elon Musk tweeted about Bitcoin, jokingly saying "Bitcoin is not my safe word."

This wouldn't be the first time Elon Musk's Twitter activity may have had an impact on the price of a cryptocurrency. Back in April 2019, Musk trolled the Twittersphere by calling Dogecoin (DOGE) his favorite cryptocurrency and temporarily changed his Twitter bio to "CEO of Dogecoin." In response, DOGE almost doubled in value, and took more than nine months to fall back to its original price point. However, bitcoin's price is not so easily moved.