Bitcoin Just Tapped $10,000: Is the Market Recovery Just Getting Started?

Just minutes ago, Bitcoin tested $10,000. This came after the cryptocurrency had flatlined at $9,900 for most of Sunday, seemingly trying to establish some directionality. Unfortunately, the brief surge to $10,000 failed, with the asset getting rejected right at the key resistance, the second time BTC failed to maintain an uptrend in the past 24 hours.

It isn’t exactly clear why this sudden and somewhat mild jump took place, though NewsBTC notices that the cryptocurrency market began this mini-run just minutes out from the opening of the CME futures for Bitcoin.

Also, gold futures immediately jumped when they opened at the same time, potentially implying Bitcoin is currently trading with a positive correlation to the precious metal, which is currently being buoyed by fears of a larger coronavirus outbreak.

Bitcoin’s $10,000 Attempt Comes At An Important Time

Bitcoin’s attempt to reclaim $10,000 comes at an opportune time, despite the asset failing to hold above this key resistance. Read More