Bitcoin price has increased above $10,000 amidst massive protest in the United States, as the cryptocurrency broke above the price on June 1 after a week of languishing in the low-to-mid $9,000s.
It has been reported by TradingView data that Bitcoin last hit $10,000 during the first week of May by climbing back into the 5 digit zone after suffering a historic sell-off on Black Thursday, which drove its price to as low as $4,200.
According to the data from Bitwise, the Bitcoin investment company, it has also fed on about $1 billion in spot volume from retail participants over the last twenty-four hours.
It has been analyzed that Bitcoin’s positive price action also comes on the tail end of a mayhem-filled week for the United States, like this weekend, city streets across the nation expanded with huge protestors marching against the killing of George Floyd at the hands of Minneapolis police officers.
Many of the protests morphed into full-blown riots as businesses were looted, defaced, and in extreme cases burned. As riot police continue to clash with the restless crowds, the National Guard has been deployed to numerous cities including Boston, Los Angeles, and Minneapolis.
Likewise, while Bitcoin’s price action is notable amidst such an unstable domestic situation in the US, there’s no guarantee that Bitcoin will stay above $10,000 in the short-term.
Thus, Scott Melker, the Bitcoin trader, indicated that $10,500 is really the price point that bulls want to signal a clear reversal.