The bitcoin price regrouped from its vicious weekend sell-off to recover past the $10,000 mark on Wednesday.
Bitcoin Price Recovers to Crucial Psychological Level
The dominant cryptocurrency had been in an uptrend for most of the day, and at approximately 10:00 am ET it managed to successfully pierce the $10,000 mark, which is generally considered to be a level of crucial psychological – if not technical – resistance.
Many cryptocurrency analysts remain bearish on the market’s short-term trend, fearing that the hype over the introduction of Facebook’s Libra project has given way to heightened – and perhaps unwelcome – scrutiny on Capitol Hill.
Consequently, it’s not clear whether today’s upward grind is sustainable.
Bitcoin last traded at $9,980 on Bitstamp.
Analyst: Bitcoin Price Climb Just a ‘Mini-Bump,’ But Fed Could Send Market Higher
Writing in market commentary shared with CCN, eToro analyst Simon Peters said that today’s upward move is “a mini-bump, nothing more,” and it’s disappointing given that it follows a US senator’s startling admission that the government couldn’t ban bitcoin, even if it wanted to.