Just three days before the upcoming halving, BTC breaks through resistance at $ 10,000

At $ 10,000, the Bitcoin (BTC) takes another psychologically important price hurdle. A well-known billionaire calls the cryptocurrency the best inflation protection.

For the first time in more than two months, Bitcoin bulls have managed to push the price above the key threshold.

For most of the day, the Bitcoin was trading at the price of $ 9,400; however, it subsequently gained more than 8% within 24 hours until 07.05. at 23.50 (UTC). Thanks to intraday trading volume of more than $ 26.8 billion in the past 24 hours, the digital asset left several relevant resistances behind and landed at $ 10,026.

Yesterday’s trading day started at $ 9,190, but gained 8,78% during the day and managed to exceed the important level of $ 9,500 before the next rapid rise. After gaining $ 807, the BTC closing price ended up adding $ 9,997. Most recently, the main cryptocurrency posted such a high closing price on February 22 this year.

In the same month, the Bitcoin was also the last time it was traded at a level of about $ 10,000. Then followed with the “Black Thursday” on 12.03. an extensive sell-off with known effects.

At this stage, the BTC price was trading at slightly above $ 8,000-what followed was a 50% slump to a low of $ 3,850. The intensification of the COVID-19 pandemic, including its economic one, caused the price of Bitcoin to climb to $ 8,500 on May 4.

Just three days later and three days before the long-awaited halving, the world’s first cryptocurrency has gained a whopping 160% against the dollar since the March 12-13 slump. At the said day change, the coin had the worst 1-day performance in 2020.

The One-Month Overview of BTC Price Performance / Coin360

Praise for BTC from billionaire Jones

The positive macro trends are triggers of the current upward movement in the Bitcoin price. Paul Tudor Jones, hedge fund manager and billionaire in personal union, let out great BTC interest of his company. For Jones, the coin is “the fastest horse on the market” when it comes to inflation protection. Said inflation is fueled by the large-scale money printing measures of central banks worldwide.

Bitcoin reminds him of the precious metal gold in the period around 1976, when he himself mastered the market entry. This is stated in an opinion entitled “The Great Monetary Inflation”.

At the same time, Bitcoin whales are expanding their sphere of influence in the market-in anticipation of a price rally of the BTC after the halving. The on-chain market analysis platform Glassnode recently came to the conclusion that the number of long-term investors (so-called Hodlers) has increased noticeably within two months.

The current trend suggests Bitcoin confidence in the direction of halving, as stated in the platform analysis published on May 7.

The chart Presents Holdler’s Confidence in Bitcoin since early April / Glassnode

For investors, Bitcoin remains the best performing asset of 2020 to date, with the coin about 40% above its level at the start of the year, leaving the S & P 500 well behind with a 10% drop in 2020 (despite positive signals in the near past).

At the time of writing, Bitcoin (BTC) was trading at $ 9,910 – an increase in value of 6.78% over the course of the day until then. Also, some major altcoins trended back into the green after a weak Thursday with red numbers. Ethereum, XRP, LTC and BCH listed as top altcoins in the gain range of 1.25% to 3.9 %

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