All of the large-cap cryptocurrencies are currently trading in the green as Bitcoin finally managed to reclaim the coveted $10,000 mark. The entire market was successful in adding more than $13 billion to its capitalization on the latest move.
Bitcoin surged with more than 5.5% over the past 24 hours, and it’s currently trading at around $10,100 for the first time since February.
As CryptoPotato reported earlier today, BTC had five failed attempts, but it finally happened on the first day of June. As a matter of fact, the price shot up to $10,500 before retracing to its current levels of trading at around $10,100.
Following the breakout, there is a serious resistance expected at $10,500, which is also the 2020 high from mid-February.
If successful, the next targets will be $10,600, $10,800, and $11,000. The volume on this massive green candle was also decent, and it’s interesting to see whether Bitcoin will now find support at $9,950 and $10,050 before taking any further action.
Interestingly enough, the latest surge comes immediately after a strong indicator flashed on the popular long-term Bitcoin stock-to-flow model. As reported yesterday, this usually indicates that there’s a new bull cycle brewing as historically it happened before serious price increases.
It’s also worth noting that the entire market capitalized on Bitcoin’s latest move as it gained more than $13 billion in a few hours.
All of the large-cap cryptocurrencies are trading in the green against the US Dollar at the time of this writing.
As seen in the above image, ETH is up almost 4%, Binance Coin (BNB) is up more than 3.5%, EOS is up nearly 5% while Bitcoin Cash surged by a total of 7.3%.
Moreover, Bitcoin’s dominance increased with about 0.5% on the runup, which suggests that altcoins didn’t manage to claim new grounds.
In any case, at current times, the price remains relatively volatile, and it’s essential to see if Bitcoin will be able to stay above this important psychological level.
