Bitcoin climbed above $9,500 on Thursday, breaking a month-long technical squeeze and setting up a potential run toward $10,000. The jump came after the price spiked $400 from its mid-week rise above
Bitcoin climbed above $9,500 on Thursday, breaking a month-long technical squeeze and setting up a potential run toward $10,000.
The jump came after the price spiked $400 from its mid-week rise above $9,600. For the first time in nearly four weeks, Bitcoin moved outside the upper boundary of its Bollinger Bands—a technical measure of volatility compression. Before Thursday's move, traders had watched volatility shrink to a two-year low.
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Bulls struggled to push past $9,651 in the hours after Thursday's spike. Josh Rager, an analyst at Blockroots, said on Twitter that a gradual climb to $9,700 would set the stage for another attempt at $10,000. Support at current levels would be essential for that target.
After spikes in volatility, prices tend to consolidate. If the price breaks down to the $9,000-$9,400 range, bulls lose their advantage. Holding above that band is essential for Bitcoin to build on this week's gains.
Institutional demand may now drive the next leg of the rally. CME Bitcoin futures open interest grew by more than 30% over the past week, according to Skew. The exchange holds more than $4 billion in open positions—a multi-month high. With that amount of money in play, Bitcoin has room to move higher.
The regulatory environment shifted in Bitcoin's favor this week. The Office of the Comptroller of the Currency cleared US banks to hold crypto in custody on behalf of clients. Charles Edwards, a digital asset manager, calculated that if banks deploy 1% of their assets into crypto as a hedge, Bitcoin's price would double to $20,000.
MiningPool content is intended for information and educational purposes only and does not constitute financial, investment, or legal advice.
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