Bitcoin prices climbed today, enjoying a modest rally, but failed to break through the $10,000 level.
The cryptocurrency rose to as much as $9,842.3 at roughly 2:15 p.m. EDT, CoinDesk data shows.
At this point, the digital asset had appreciated 3.9% after declining to as little as $9,472.25 this morning, additional CoinDesk figures show.
Bitcoin has struggled in recent months, failing to make a convincing break above the key, $10,000 level.
While the cryptocurrency has surpassed this price several times, it has always lost its gains, falling back fairly quickly.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
Kiana Danial, CEO of Invest Diva, spoke to this matter, stating that:
“The $10K level has become even stronger than before after being tested three times over the past month.”
Joe DiPasquale, CEO of cryptocurrency hedge fund manager BitBull Capital, also weighed in, describing the $10,000 as “major resistance.”
Going forward, “bitcoin needs to cross $10,500 and then form a support at that level to firmly establish itself in the 5 figure price range,” he emphasized.
Danial also weighed in, stating that if bitcoin “breaks above $10K, then the next long-term resistance levels will be at the 50%, 61% and 78% Fibonacci retracement levels that trace the crash of bitcoin from the highs of almost $20K back in December 2017 to the lows of ~$3K end of 2018.”
“The price levels are at $11,400, $13,375, and $16,000, respectively.”
However, “a break below $8,600 could open doors for another pullback towards $7,700 and $7,000 based on Fibonacci retracement studies,” she noted.
Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether and EOS.