Today Bitcoin has officially hurdled that important psychological $10,000 price pressure point – but traders are held back a bit from their most bullish excesses by a slight correction that many attribute to remarks by U.S. treasury secretary Stephen Mnuchin.
Keep in mind, Bitcoin hasn’t seen this kind of value activity since prior to Thanksgiving of last year.
However, after a 6% gain, a 2% drop this morning may be tied to recent input from U.S. officials.
Let’s look at how this is treated over at Cointelegraph where William Suberg reports that “Thursday’s losses coincided with news that the United States Treasury would seek to enact new regulations governing cryptocurrencies.”
“We are about to roll out some significant new requirements,” Mnuchin reportedly said, adding that effors are intended to “make sure cryptocurrencies aren’t used for the equivalent of old Swiss secret number banking.”’
Still, Suberg points out that “short-term performance … remains strong” – and that’s putting it mildly. Over the past year, many have theorized that, should Bitcoin once again crest above $10,000, more bulls will come out of the woodwork, arguing that now is the time to further embrace Bitcoin and drive values up even further.
Even in the short term mirror, analysts are noting the potential for a greater bull run.
“Bulls are still in solid near-term technical control amid a strong price uptrend in place on the daily chart, to suggest still more gains in the near term,” writes Jim Wyckoff at Kitco, the renowned authority on precious metals derivatives.
Take a look at what happens over President’s Day weekend, and think about how $10K affects your portfolio.