The world’s dominant digital asset is back at five figures as hype surrounding next week’s halving event escalates. The move has lifted cryptocurrency markets to an eleven-week high.
For the first time since late February, the Bitcoin price has crossed over the psychological $10,000 barrier. The move has been largely been driven by fear of missing out (FOMO) in the lead up to the highly anticipated halving event in less than four days’ time.
FOMO driving Bitcoin prices
Bitcoin finally broke through resistance at $9,400 during late trading yesterday, and surged to an intraday high of $10,050 during the Asian session according to Tradingview.com.
The move has taken Bitcoin to an eleven week high as it approaches another crucial resistance zone. Technical signals are starting to show that the asset is overbought and analysts are leaning towards a large correction following next week’s block reward reduction.
The $10,500 level is a key one to break as it was the last high BTC made, a higher high this time would confirm the uptrend and end a two year bear market.
Derivatives Trader ‘Cantering Clark’ [@CanteringClark] tweeted that the best thing about this Bitcoin move is that it seems entirely spot driven, he added;
“No sign of over-leveraged aggression yet toward the highs, no pain for longs already in a position to hold still. Smooth so far.”
Following a fifty plus day rally, things are bound to cool off a little with a pullback after the halving. However, crypto market sentiment is generally bullish at the moment, and that is likely to continue into the weekend.
Elsewhere on crypto markets
Bitcoin is dominating things at the moment, so much so that its market share has increased to an almost four-month high of 69%. The altcoins are getting a lift but their gains are marginal in comparison to big brother’s.
Ethereum has only managed to scrape 2.5% on the day taking it to $212. ETH prices have been pretty flat all week, and they are down 12% in terms of satoshis.
Bitcoin Cash and BSV have grabbed a couple of percent, as has Cardano and Chainlink. Today’s big mover, however, is Monero which has cranked over 10% on the day to reach $65, its highest level for two months. There is also a huge 30% occurring with 0x at the moment as it closes in on a three month high of $0.32.