The price of the main cryptocurrency Bitcoin (BTC) has surged to $10,135, reaching its highest level since 2 June, according to CoinDesk data on Sunday.
Some traders are optimistic about the recent performance, suggesting that if the positive trend continues, it could ensure a long-term "resistance line".
The #Bitcoin breakout is looking impressive now. If it ends the week above $10,000, we'll have a solid green weekly candle above the long-term resistance (dashed) line. That's psychologically meaningful to many traders and so would stoke bullishness. Next hurdle to clear... (1/2) pic.twitter.com/0x3ZFiJzmu— Glen Goodman (@glengoodman) July 26, 2020
If we can support $9,600 - $9,700 over then next couple days then it could lead to a very familiar fractal... 🤔— Tyler D. Coates (@Sawcruhteez) July 26, 2020
A 1h Phase 3 that breaks through $10K, followed by a sharp Phase 4 that squeezes out shorts sure seems like a good way to break out of this range. 🚀 $BTC #Hyperwave pic.twitter.com/nMYMc9JtUq
For the past two months, its price has been fluctuating in the range from $9,000 to $10,000.
In early May, Bitcoin's price surpassed $10,000 for the first time since 19 February. Its lifetime record of $20,000, however, was set back in December 2017.