Home Bitcoin News Newsflash: Bitcoin Price Pierces $10,000 But Analyst Shades ‘Mini-Bump’ – Yahoo Finance

Newsflash: Bitcoin Price Pierces $10,000 But Analyst Shades ‘Mini-Bump’ – Yahoo Finance

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The bitcoin price pierced $10,000 ahead of the Fed’s interest rate decision, but at least one crypto analyst is threw shade on the rally. | Source: Shutterstock

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.

bitcoin price (BTC/USD) chart

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.

Read the full story on CCN.com.

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