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The price of Bitcoin has hit an important milestone June 1, 2020, crossing above the $10,000 mark.
The number was considered a crucial resistance price as Bitcoin has mostly hovered between the $9000 and $10000 mark over the past few weeks. The price peaked at $10370 Monday evening Eastern Standard Time.
Leading up to this surge, $123 million worth of short positions were liquidated on BitMEX alone, according to data shared by crypto derivatives platform Skew.com.
An hour before BTC moved past the $10,000 price point, Galaxy Digital’s Michael Novogratz wrote that once “$10k goes it will move fast,” adding that investors should “get on the train.”
The rise comes at a time of civil unrest in the US following the death of an unarmed black man while in the custody of Minnesota Police. One officer has since been charged with murder.
Colin Harper of Forbes writes:
While Bitcoin’s price action is notable amid such an unstable domestic situation in the US—and may corroborate the bullish sentiment of Bitcoin proponents whose digital gold narrative is catching on with mainstream investors—there’s no guarantee Bitcoin will stay above $10,000 in the short-term, of course.
Bitcoin trader Scott Melker, for example, indicated on Twitter that $10,500 is really the price point that bulls want to signal a clear reversal.
- Aaron Goldstein, Gambling911.com
