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Monday, July 4, 2022

Bitcoin Soars Past $10,000 in Sympathy with Haven Gold

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Bitcoin hit $10,964 on spot exchange Coinbase Monday, a price level not seen since August 2019.

It is a move that mirrors the money flows into Gold which is seen a haven in uncertain time. Bitcoin is often referred to as digital Gold.

“The bitcoin breakout seemed to finally have happened as we lifted off from $9,800,” said Jack Tan, of Taiwan-based quantitative trading firm Kronos Research. “The trend is clear and we are headed higher.”

Bitcoin trading volume on Coinbase Monday was at $292 million. This was the highest since June 11, when volumes hit $255 million.

Traders have long discussed the $10,500 price range as a level to stay above to fuel a lengthy bull run, said Neil Van Huis, director of institutional trading at Chicago-based crypto liquidity provider Blockfills.

“We need to stay over $10,500, so I would probably want to see a sharp interest in demand above that and to stay over it for more than 24 hours to see if the bullishness has legs,” Van Huis said.

Despite the excitement Monday, bitcoin’s jump might compel selling in the alternative cryptocurrency, or altcoin, market, said Kronos’ Tan.

“Unfortunately, this might actually suck the energy out of the altcoins and high-flying DeFi tokens.”

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