Smiles Return To Crypto Traders’ Faces As Bitcoin Eyes $10,000

After suffering a significant loss last week, Bitcoin now eyes $10,000 as fresh green spread across the market boards.

Losing over $500 within an hour and trading as low as $9400 sent a cold chill down traders’ spines as the sudden decline from above the $10,200 region was almost a surprise to them, even though they are seemingly used to the high volatility of the crypto markets. 

Today, however, the bulls are back in the markets, pushing the price of Bitcoin to only a few dollars short of $10,000. At the time of writing, the cryptocurrency is trading at $9,936, with other major coins following the same trend.

If Bitcoin breaks through the $10k resistance level, we could see the coin shooting as high as $11,000 within the week as price consolidation confirm the same trend from July ending when BTC dropped $700 to $9,400 within 10 minutes and shot up to over $11,500 a few days after. 

Fundamentals also reveal that we could see a big price action with Bakkt opening its warehouse for Bitcoin deposits on September 6th. The inflow of institutional money will likely affect the price movement.

Ether and XRP are posting gains of 2.03% and 0.95% with their prices currently at $173.81 and $0.258 respectively. Only a few coins in the top 100 are recording losses. 

The total market cap of all cryptocurrencies now stands at $255,894,541,522 with bitcoin holding 69.5% dominance.

Chart: Tradingview.com