RATE Group | Market Wrap: Interest in Bitcoin Rises as Prices Near $10K, but Can It Continue?
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Market Wrap: Interest in Bitcoin Rises as Prices Near $10K, but Can It Continue?

09 May Market Wrap: Interest in Bitcoin Rises as Prices Near $10K, but Can It Continue?

Posted at 01:20h in Bitcoin News by

The clock is ticking down to the expected halving event on Monday and bitcoin is capturing the interest of investors who may not normally follow the cryptocurrency markets.

At press time, bitcoin (BTC) was trading up less than 1 percent over 24 hours at $9,966 and above its 10-day and 50-day moving averages, bullish technical indicators. The cryptocurrency has spent much of its U.S. trading hours with a $9,900 handle on spot exchanges like Coinbase, a small retreat after briefly breaking above the $10,000 barrier Thursday. 

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Bitcoin trading on Coinbase since May 6
Source: TradingView

“Most of the people I know are buying bitcoin and gold as a hedge against global recession. Most likely this trend will continue to grow strong,” said Constantin Kogan, partner at crypto fund of funds BitBull Capital. 

A boost above the $10,000 price level is certainly a big draw if you are interested in bitcoin. What’s more, conversations about the bitcoin reward halving, expected Monday, May 11,

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