{"id":415732,"date":"2020-02-23T23:32:48","date_gmt":"2020-02-23T23:32:48","guid":{"rendered":"https:\/\/wncen.com\/?p=415732"},"modified":"2024-06-11T13:42:23","modified_gmt":"2024-06-11T13:42:23","slug":"bitcoin-flirting-with-10000-dollars-recovery-getting-started","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-flirting-with-10000-dollars-recovery-getting-started\/","title":{"rendered":"Bitcoin Just Tapped $10,000: Is the Market Recovery Just Getting Started?"},"content":{"rendered":"

Just minutes ago, Bitcoin tested $10,000. This came after the cryptocurrency had flatlined at $9,900 for most of Sunday, seemingly trying to establish some directionality. Unfortunately, the brief surge to $10,000 failed, with the asset getting rejected right at the key resistance, the second time BTC failed to maintain an uptrend in the past 24 hours.<\/p>\n

<\/p>\n

It isn’t exactly clear why this sudden and somewhat mild jump took place, though NewsBTC notices that the cryptocurrency market began this mini-run just minutes out from the opening of the CME futures for Bitcoin.<\/p>\n

Also, gold futures immediately jumped when they opened at the same time, potentially implying Bitcoin is currently trading with a positive correlation to the precious metal, which is currently being buoyed by fears of a larger coronavirus outbreak.<\/p>\n

Bitcoin’s $10,000 Attempt Comes At An Important Time<\/h2>\n

Bitcoin’s attempt to reclaim $10,000 comes at an opportune time, despite the asset failing to hold above this key resistance.<\/p>\n

As pointed out by popular trader Big Chonis<\/a>, we are now in the last hour before the one-day, three-day, and one-week charts of BTC register a candle close.<\/p>\n

The higher the cryptocurrency trades into these closes, the more cemented the uptrend is. Case in point: if Bitcoin’s current weekly candle closes above $9,916 (on BitMEX), then the candle will close green, somewhat negating the bearish effects of last week’s red candle.<\/p>\n

\n

$BTC<\/a> – Last hour of the Daily, 3day and Weekly #bitcoin<\/a> chart… pic.twitter.com\/qFXI4UsZ8N<\/a><\/p>\n

— BIG Chonis (@BigChonis) February 23, 2020<\/a><\/p><\/blockquote>\n