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Bitcoin Still Trying to Take and Hold $10,000

February 24, 2020 at 15:14 by Matt Jackson

Bitcoin once again fell back from $10,000 resistance over the weekend, and its slip has caused the rest of the cryptocurrency market to lose ground against the dollar. The world’s largest cryptocurrency is trading at around $9,700, having peaked at $9,950. All other major cryptocurrencies have seen similar losses, with Ethereum the best of the bunch.

Bitcoin has been attempting to take and hold the $10,000 mark for the past two weeks, having first broken the psychological resistance on February 9th. Its initial breach led to a quick sell-off and further attempts have met with equally stubborn resistance from bulls and sellers. Most recently, on February 19th, the digital currency slumped from $10,100 to $9,650 and in the five days since that drop, it has traded at around the same value. Prices increased slightly over the weekend, however, peaking at around $9,950 at midnight last night. Prices have, once again, slipped from this figure in morning trading and BTC is now changing hands at $9,780.

The rest of the cryptocurrency market has stuck to Bitcoin’s path. Ethereum, which was trading at $180 at the beginning of the month has seen a slight 0.3% loss over the past 24 hours and now costs $270 — a 50% increase in just over three weeks. Ripple started February at $0.24 and, following a 2.5% loss on the day, is now trading at $0.274.

Bitcoin has enjoyed a strong start to the year, having traded at $7,200 on January 1st, many traders are expecting further gains before the halving event that is set to occur in May. Even Binance CEO, Changpeng Zhao, has taken the unusual step of making Bitcoin price predictions. CZ, as he is more widely known, said that he doesn’t usually give price predictions because he would be wrong 50% of the time, but went on to say that he does not believe that the halving event has been priced into the current rates.

However, some crypto analysts are warning that prices may, in fact, drop before the event. With just under 80 days left until the halving occurs, traders have been warned that there has always been a pre-halving shake-out. Rekt Capital pointed to a 50% drop before the first halving event and a 38% drop before the second. This is only Bitcoin’s third such event, which sees the reward paid to miners halved, so there is still a large degree of uncertainty regarding exactly what will happen.

At 15:00 GMT, Bitcoin (BTC) prices had fallen 0.88% and the world’s largest cryptocurrency is changing hands at $9,780.58 while Ethereum (ETH) has fallen a more modest 0.31% and is trading at $270.07. Ripple (XRP) has shed 2.58% from its price to trade at $0.274. Bitcoin Cash (BCH) and Bitcoin SV (BSV) have seen their prices fall 1.86% and 1.41% to trade at $387.49 and $286.43 respectively.

If you have any questions and comments on Bitcoin today, use the form below to reply.

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