Bitcoin (BTC) has just surged above a historic resistance level after gaining more than $500 overnight. The cryptocurrency now sits at $10,103 after smashing through the $10,000 barrier in the early hours of this morning, up six percent today.
At the height of the surge, Bitcoin briefly touched as high as $10,185, but it now appears to be holding stable at its current price point—where it has hovered around for much of this morning.
The last time Bitcoin breached the $10,000 threshold was in early February after the cryptocurrency temporarily spiked to over $10,300 before beginning a downtrend that would eventually see it fall to its lower value in 2020 in mid-March as a result of the Black Thursday crash. Prior to this, Bitcoin also failed to hold above $10,000 back in February 2018 and September 2019, marking this value as one of the most important resistance zones for the cryptocurrency.
Bitcoin has now completely reversed course from falling to such lows and has been gaining value almost non-stop over the last three month—gaining more than 147% between its peak and trough during this time. The sudden increase in interest also saw Coinbase go down again during the surge, now a common occurrence when Bitcoin experiences a drastic price swing.
Some believe that this momentum may be the precursor to another bull run, including eToro cryptoasset analyst Simon Peters.
"This could be the bullish moment the cryptoasset needs to embark on its deserved post-halving bull run. Should we see the Bitcoin price gather momentum as it has done in the past, more people will begin to see the asset class as a long term investment, which will contribute both to its performance but also to increased adoption," said Peters.
Likewise, crypto Twitter is also once again filled with comments claiming that this will be the last time we see Bitcoin under $10,000. Such comments have appeared every time Bitcoin exceeded a significant price milestone—and are usually short-lived.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.