Bitcoin Bulls Back in the Driving Seat as Price Crosses $10K

View.Bitcoin jumped above back $10,000 on Tuesday, reinstating the bullish trend and opening the doors for further gains toward $10,500.

Bitcoin returned into the five-figure zone on Wednesday, reviving the bullish case and putting recent highs near $10,500 back on the radar.

At press time, bitcoin is trading at $10,139, representing a 4.48 percent gain on a 24-hour basis, as per CoinDesk's Bitcoin Price Index.

The subsequent sell-off ran into bids near $9,600, following which prices charted a near 90-degree rise to $10,290 during the U.S. trading session.

Tuesday's spike marked an end of the pullback from recent highs near $10,500 and validated the positive shift in the long-term sentiment highlighted by the golden crossover - the bull cross of the 50- and 200-day averages.

Bitcoin has increasingly moved in tandem with gold so far this year.

Bitcoin jumped 5 percent on Tuesday, keeping the 2020 rising trendline support intact and confirming another bullish higher low at $9,467 - a sign of continuation of the rally from January lows near $6,850.

Prices closed well above $10,050 - the high of Sunday's "Doji" candle - confirming a bullish breakout from a period of indecisive price action.

With the bulls back in the driver's seat, a re-test of the recent high of $10,500 looks likely.

Bitcoin is still trading in an expanding descending channel on the 4-hour chart.