Bitcoin Builds Momentum In Run To $10,000

&l;p&g;&l;img class=&q;dam-image getty size-large wp-image-942027140&q; src=&q;https://specials-images.forbesimg.com/dam/imageserve/942027140/960×0.jpg?fit=scale&q; data-height=&q;639&q; data-width=&q;960&q;&g; Bitcoin prices have been gathering strength below $10,000.&a;nbsp;(Photo by Artur Widak/NurPhoto via Getty Images)

Bitcoin has repeatedly&a;nbsp;approached $10,000 in recent weeks, testing this key price level before continually backing off.

The price of Bitcoin rose to as much as&a;nbsp;$9,954.95 on Saturday, May 5, briefly fluctuating close to $10,000 before falling back to&a;nbsp;&l;span style=&q;font-weight: 400&q;&g;$9,409.23 the following day, CoinDesk &l;a href=&q;https://www.coindesk.com/price/&q; target=&q;_blank&q;&g;Bitcoin Price Index&l;/a&g; (BPI) figures show.&a;nbsp;&l;/span&g;

The digital currency once again moved toward $10,000, peaking at&a;nbsp;&l;span&g;$9,634.83 earlier today and then&a;nbsp;&l;/span&g;retreating to&a;nbsp;$9,207.28 a few hours later, additional BPI data reveals.

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&l;strong&g;&s;Healthy&s; Consolidation&l;/strong&g;

&q;&l;span style=&q;font-weight: 400&q;&g;The consolidation we&s;re seeing now is actually quite healthy,&q; said&a;nbsp;&l;span&g;Mati Greenspan,&a;nbsp;&l;/span&g;&l;span&g;senior market analyst for social trading platform&a;nbsp;&l;/span&g;&l;a href=&q;https://www.etoro.com/&q; target=&q;_blank&q; rel=&q;nofollow noopener noreferrer&q; target=&q;_blank&q;&g;eToro&l;/a&g;.&l;/span&g;

&l;span style=&q;font-weight: 400&q;&g;&q;&l;/span&g;&l;span style=&q;font-weight: 400&q;&g;In the meantime, we&s;re holding well above the support at $9,000,&q; he emphasized.&a;nbsp;&l;/span&g;

&l;span&g;Since $10,000 is such a psychologically important level, it is perfectly normal for Bitcoin to encounter some resistance, stated&a;nbsp;&l;/span&g;&l;span style=&q;font-weight: 400&q;&g;David Johnson, CEO of tasking platform&a;nbsp;&l;/span&g;&l;span style=&q;font-weight: 400&q;&g;&l;a href=&q;http://latium.org/&q; target=&q;_blank&q;&g;Latium&l;/a&g;.&a;nbsp;&l;/span&g;

&l;span style=&q;font-weight: 400&q;&g;&q;Any market consistently making higher lows is signaling for a bullish break out,&q; he noted.&a;nbsp;&l;/span&g;&l;span style=&q;font-weight: 400&q;&g;&q;I anticipate once we get to around $10.5K then $12k with come relatively quickly.&q;&a;nbsp;&l;/span&g;

&l;strong&g;Positive Outlook&l;/strong&g;

While Bitcoin has been struggling to reach $10,000, several analysts offered a bullish perspective on how this blue-chip digital currency will perform going forward.

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Technical analysis points to bullish momentum, as both the highs and lows have been rising in value over the last month, noted Greenspan.

&q;The price of bitcoin will continue to rise in the short-term as more institutional investors like Goldman Sachs start to trade cryptoassets and futures on behalf of their clients,&q; said&a;nbsp;Oliver Isaacs, blockchain investor, advisor and influencer.

&q;&l;span style=&q;font-weight: 400&q;&g;The current price of Bitcoin is near the same value as it was in early December 2017,&q; he noted.&l;/span&g;

&q;Everyone saw how that run ended, although history might not be so quick to repeat itself.&q;

&l;em&g;Disclosure: I own some Bitcoin, Bitcoin Cash and Ether.&l;/em&g;

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