Crypto Investors Rejoice As Bitcoin Price Surges Above $10,000

[Mime]

The overall cryptocurrency market is surging northwards as Bitcoin and a majority of the altcoins are trading in green today. The world’s strongest cryptocurrency is showing strength at this stage jumping by more than 5% in the last 24 hours.

At press time, BTC is trading at $10,310 levels with a market cap of $190 billion. As per the WorldCoinIndex data, the 24-hour daily trading volumes have also crossed $7 billion at the time of writing this article.

This is for the third time in 2020 that Bitcoin has managed to cross the $10,000 mark. However, every time it did so, the BTC price has seen a major pullback from those levels going back close to $9,000 levels.

If we see the last week’s chart, Bitcoin has surged over 12% in the last one week to move above $10,000. However, the world’s largest cryptocurrency is seeing a major resistance of $10,500 and it has failed twice in 2020 to breach it.

If Bitcoin manages to breach it this time, we can see it setting up a new support here and start a bull run from there onwards. While Bitcoin has been said to be a ‘digital gold’ and a safe-haven against the stock markets, it hasn’t turned out that way.

In fact, the BTC price has been moving in line with the stock markets for this year. During the stock market crash of March 2020, the Bitcoin price crashed below $5000 levels, a whopping 50% fall from its mid-February high of over $10,000.

Bitcoin has managed to recover its losses since then. At the present levels, Bitcoin is trading at nearly 40% premium year-to-date.

On the other hand, the world’s second-largest cryptocurrency and Bitcoin competitor Ethereum (ETH) has also managed to show strength over the last week. In the last week, Ethereum (ETH) price surged more than 25% to cross above its crucial milestone of $300 over the weekend.

At press time, ETH price has surged 4.82% in the last 24 hours and is trading at $326 with a market cap of $36.15 billion. The sudden surge in the ETH price after the network’s daily transaction volumes reached its all-time-high last week.

The latest price surge amidst a significant surge in the DeFi activity on the Ethereum blockchain. Decentralized Finance (DeFI) contribute to a majority of the daily trading volumes on the platform as on date.

Ethereum developers have accelerated their work for the ETH 2.0 release which provides massive scalability boost over the existing network. While the existing Ethereum network can process only 15 transactions per second, the ETH 2.0 will hold the capacity to process 1000s of transactions per second.

The Ethereum 2.0 testnet launch is expected to happen next week on August 4.


Source:
Crypto Investors Rejoice As Bitcoin Price Surges Above $10,000, And Ethereum Above $300

[Qcrypto]

We are in the post-halving timeline. Prices only go up from here

[seoincorporation]

...
The Ethereum 2.0 testnet launch is expected to happen next week on August 4.

And that was why we see ETH having that crazy bump from 0.025 to 0.032... now is going down, but looks like it's more fuel for bitcoin bump, is really nice to see it at $10500 today. Let's see how high can it get.

[Lucius]

We are in the post-halving timeline. Prices only go up from here

If only it were that simple, but just a few months ago you could see Bitcoin share the same fate as stocks, oil or gold in the event of a global negative event - losing 50% of its value overnight seemed really ugly. It is maybe wrong to think that the price will go only up, and some are even talking about a new ATH this year - but the first two halvings did not have an instant impact on the price.

Don't get me wrong, I'm not against BTC start a new big bull run, but somehow it seems to me that this could only happen next year at the earliest, which does not mean that this year will not end very positively in terms of price.

[HeRetiK]

Expect a pullback rather sooner than later. The big question is whether Bitcoin will manage to stay above 10k for good, if yes we're going to to be in for a good time. Not sure if I'd expect a new ATH before 2021 though. We still have a lot of resistance levels ahead and who knows what other surprises 2020 still holds in store.

If Ethereum is also prepping its moon rockets, all the better. Confidence in one pushes confidence in the other.

[Sanugarid]

Expect a pullback rather sooner than later. The big question is whether Bitcoin will manage to stay above 10k for good, if yes we're going to to be in for a good time. Not sure if I'd expect a new ATH before 2021 though. We still have a lot of resistance levels ahead and who knows what other surprises 2020 still holds in store.

Pull back is expected with that price, BUT if it really stays in that price range then we might see a new price resistance over that level, I hope it will really do. All Time High this year? it is quite vague for me because of the crisis that we are having right now, only rich people can enjoy this much for cryptocurrency. 2020 has not been that bad for crypto, not until countries imposed lockdown, noticeably price went down after that around March, then we saw the price touching 10K and drops, now it reaches 10K again so I expect it to drop again any time.

If Ethereum is also prepping its moon rockets, all the better. Confidence in one pushes confidence in the other.

I'm rooting for ethereum, bitcoin will be just there forever. Ethereum is possible to reach an ATH this year, as speculation says it could reach $5k this year, who's not excited for this?

[DoubleEdgeEX]

It´s not that it is simply above the 10K, the cool thing is that it stays there for longer than a 5 minute candle! Finally the barriere seems to be broken. Lets hope now that the 10K will become a similar strong support level as it was a resistance up till today. ETH rising too, so a day to celebrate.

[ChiBitCTy]

We are in the post-halving timeline. Prices only go up from here

Unfortunately this is a statement that doesn't have any factual truth to it.  Bitcoin is on a nice run, and there is plenty of optimism to be had, but you can't state prices will only go up from here for anything on this planet, let alone a volatile cryptocurrency.

[Hyruard]

The entire crypto industry finally stopped panicking and breathed a sigh of relief.

[harizen]

Yes, I know others are happy as what's the price is showing right now but for me, not taking it as a "special" as breaching $10,000+ is really realistic to happen.

There might be some struggle passing that level during the past month but still, we all know it will happen.

The quote of "this will be the last time we will see Bitcoin below $10,000" is now taking the buzz again. Now up to others on what they think the next thing will happen.

[Vatimins]

      Lol. As expected in this industry, as long as there is good news, the price goes up a lot. That's just how it is in all of the other crypto currencies here in this industry, not just bitcoins or etherium but all of them. And of course, since the prices are going in a surge, kost of the people in this industry if not everyone rejoices. I mean, who wouldn't be happy seeing their investments doing good and gaining profits? It's completely natural. It has been like that every time in this industry, if you are new to this then welcome. I suggest you take notes so that you don't get shocked every time things like this happens. Lol.

[rexxarofmoknathal]

Expect a pullback rather sooner than later. The big question is whether Bitcoin will manage to stay above 10k for good, if yes we're going to to be in for a good time. Not sure if I'd expect a new ATH before 2021 though. We still have a lot of resistance levels ahead and who knows what other surprises 2020 still holds in store.

If Ethereum is also prepping its moon rockets, all the better. Confidence in one pushes confidence in the other.

That's the question everyone would like to know the answer to. Is BTC going to stabilise above 10K or not? By the looks of it there doesn't seem to be much resistance to the next 1k to make it 11k but will it surpass that, and is this going to be the beginning of a new bull run?

Let's hope so, but on the realistic side of things probably this run won't last long but it may at least set a new and higher BTC stable price 

[Lanatsa]

Expect a pullback rather sooner than later. The big question is whether Bitcoin will manage to stay above 10k for good, if yes we're going to to be in for a good time. Not sure if I'd expect a new ATH before 2021 though. We still have a lot of resistance levels ahead and who knows what other surprises 2020 still holds in store.

If Ethereum is also prepping its moon rockets, all the better. Confidence in one pushes confidence in the other.

That's the question everyone would like to know the answer to. Is BTC going to stabilise above 10K or not? By the looks of it there doesn't seem to be much resistance to the next 1k to make it 11k but will it surpass that, and is this going to be the beginning of a new bull run?

Let's hope so, but on the realistic side of things probably this run won't last long but it may at least set a new and higher BTC stable price 

For those who bought on 9100+ price then this would be the best time to sell out for profits yet on this kind of movement i can somewhat feel or my guts do tell me that there would be always a price correction which is normal.

If this price movement will continue then it can possibly break 11k and we arent that too far away into that price.Its either it would reach or touch it and made some denial or rejection or would able to breakout.

For those people who do able to buy on cheap price then they are definitely rejoicing.

[qiwoman2]

After three years of a prolonged bear market it is good to see more money coming into Bitcoin now and also if you check the over all market cap for Crypto has also grown as well. In the last month or so over 50 billion entered the crypto markets and of course a lot of that now is going into Bitcoin, both from retail investors and speculators and also from big companies like Grayscale who are buying up all the new BTC being mined. I also believe this bull market will last for over a year and will run longer than the previous one.

[Jating]

Personally, I think the big barrier is $10,500 but since we have broken it already, this bull run might continue and hit $11k or even $12k. This is the break out run that we have been waiting for many months now so let's see how far this run can go.

After three years of a prolonged bear market it is good to see more money coming into Bitcoin now and also if you check the over all market cap for Crypto has also grown as well. In the last month or so over 50 billion entered the crypto markets and of course a lot of that now is going into Bitcoin, both from retail investors and speculators and also from big companies like Grayscale who are buying up all the new BTC being mined. I also believe this bull market will last for over a year and will run longer than the previous one.

But year-to-year bitcoin has perform better in the bear market, not even the pandemic scare put a damp on the market. Yes, we have seen lower lows during the scare, but we already bounce back and now hitting another higher highs for this year. But it is still a long way to go before new all time high, not seeing it this year.

[Juggy777]

Personally, I think the big barrier is $10,500 but since we have broken it already, this bull run might continue and hit $11k or even $12k. This is the break out run that we have been waiting for many months now so let's see how far this run can go.

After three years of a prolonged bear market it is good to see more money coming into Bitcoin now and also if you check the over all market cap for Crypto has also grown as well. In the last month or so over 50 billion entered the crypto markets and of course a lot of that now is going into Bitcoin, both from retail investors and speculators and also from big companies like Grayscale who are buying up all the new BTC being mined. I also believe this bull market will last for over a year and will run longer than the previous one.

But year-to-year bitcoin has perform better in the bear market, not even the pandemic scare put a damp on the market. Yes, we have seen lower lows during the scare, but we already bounce back and now hitting another higher highs for this year. But it is still a long way to go before new all time high, not seeing it this year.

@jating bitcoin prices managed to break the $11k levels, and even surged towards $12k levels however now the prices are once again down to $10.9k levels, but it’s pertinent to note that they’re yet high as they were trading at $9.3k levels few days ago. Also multiple reasons for this rally are being cited and most notably among them are 1) that the traders cashed out their profits from defi tokens and invested in bitcoin and Ethereum, 2) the permission given by Office of the Controller of the Currency to banks to hold bitcoin for their clients.

Sources:

https://bitcointalk.org/index.php?topic=5264025.msg54853558#msg54853558

https://fortune.com/2020/07/27/bitcoin-price-usd-news-experts-surge-theories/

[pooya87]

it is actually bitcoin investors not crypto investors and most of them are actually unhappy about the rise because the "investors" at times like this are split into three groups,
- first are those who sold or hadn't bought and were waiting for a drastic drop so they could buy super-cheap bitcoins and are now witnessing their dreams crushed.
- second are those who have been accumulating during the "below resistance" times and now they can no longer buy cheap bitcoins and have to buy less with the same amount of fiat.
- and third which don't care are those who had their investment and were holding.

BTW it is only bitcoin investors because for the past 2 days that bitcoin has been rising, altcoins were dumping hard. any pumps you see like the ETH pump are from before the bitcoin price rise began.

[DoubleEdgeEX]

I wsas convinced that BTC has to bounce back to 7K or below to gain momentum there to eventually break the 10K barrier for good. I´m happy I was wrong! Coulnd´t believe it after the first breakout but as the price stayed above the 10K mark for longer than a5 minute candle it started to become real. Bears are stopped out and I hope that 10K can now become a strong support level just as it was a strong resistance up till now

[rodskee]

I was convinced that BTC has to bounce back to 7K or below to gain momentum there to eventually break the 10K barrier for good.

Good thing it didn't haven and the momentum is switching now
to a much stronger level.

I´m happy I was wrong! Couldn't believe it after the first breakout but as the price stayed above the 10K mark for longer than a5 minute candle it started to become real.

Based from how we see it right now bitcoin still bullish and manage
to keep on staying at the current level.

Bears are stopped out and I hope that 10K can now become a strong support level just as it was a strong resistance up till now

If so, it's a very good indication that bull are near to overcome this bear
and slowly go you again and reach another ATH.
Hopefully that will continue and this new strong barrier will not be over power
again by bears.

[glowing10]

I'm securing myself a profit from part of my bitcoin portfolio. I can't miss this chance to sell even for a bit so that if the pullback comes, I can rebuy for myself or won't have any regrets that I didn't sold while it's been at the top.

We are rejoicing as we see $10,000, what if it goes double, triple or goes ten times?

If your targets keep achieving it then sell accordingly. You would have invested with a horizon and with a price level as well. So, do it accordingly so that you would not have to regret even if it reaches 15k in coming time as you met your goal and exited it. Greediness at times can lead to higher losses than profits like seen before as well.