Bitcoin Breaches the $10,000 Level, Heading to Key Psychological Level

Bitcoin extended its gains this weekend after a report that banks’ regulator in the United States has approved cryptocurrency custodial services for banks in the country.

The news as reported on Investors King last week bolstered cryptocurrency market outlook as crypto traders interpreted the news as a step closer to the mainstream.

Bitcoin, cryptocurrency most dominant coin, gained 3.89 percent in the last 24 hours to breach the $10,000 level and hit $10,184 per coin as at 10:31 am Nigerian time on Monday.

While a sustained break of $10,519 resistance level is needed to validate bullish resumption, it is unlikely buyers would be able to sustain the upsurge above $10,519 given global happenings.

As previously stated on this platform, the entire cryptocurrency needs outside capital to sustain the recent bullish run above $10,519 resistance levels as shown below.

However, global uncertainty due to COVID-19, the tension between the United States and China and the fact that cryptocurrency is not a mainstream asset yet remains a stumbling block to that resistance level.