Bitcoin’s price was quoted in five digits across cryptocurrency exchanges earlier today, but the breakout into $10,000 was short-lived.
The number one cryptocurrency by market value jumped to $10,350 at 01:45 UTC – the highest level since Sept. 24 – according to Bitstamp data. Meanwhile, the global average price, as calculated by CoinDesk’s Bitcoin Price Index, clocked a high of $10,332.
Just 24 hours ago, the cryptocurrency was reeling under bearish pressures below $7,500 and prominent chart analysts were calling a deeper drop, courtesy of the so-called “death cross” – a bearish cross of long-term moving averages.
BTC, however, picked up a bid around $7,500 in the early U.S. trading hours on Friday and rose to $8,800 at 17:20 UTC. Prices then consolidated in the narrow range of $8,500 to $8,700 for a few hours, before printing highs above $10,000 earlier today. Essentially, the death cross trapped sellers on the wrong side for the fourth time since 2014.
Biggest single-day gain since April
Bitcoin closed (UTC) at $8,662 on Friday, representing a 16.51 percent gain on the day, as per Bitstamp data. That is the biggest single-day rise since April 2. Back then, BTC had rallied 18.45 percent from $4,133 to $5,080.
Further, the rise from lows below $7,400 to highs above $10,300 is reportedly the third-largest 24-hour price gain in bitcoin’s history, as pointed out by crypto-asset analyst Yassine Elmandjra. Continue reading…