Bitcoin Price Bounces Back to $10K on Fresh Bullish Sentiment

Data from Coin360 shows BTC/USD put in a sudden rally on Thursday, gaining more than 5% in hours and subsequently holding onto support above $10,000.

Bitcoin price regained $10,000 Aug. 15 restoring investor confidence just hours after touching a higher low of $9,500 compared to the $9,3000 dip in late July.

The latest break to the upside reinforced an already positive mood among traders and analysts, who earlier recommended not treating Bitcoin’s dip to four figures as proof of a bear market return.

As Cointelegraph reported, it was Peter Brandt who led calls for calm, arguing Bitcoin’s 2019 bull run still clearly outperformed its efforts between 2015 and 2017.

Other well-known faces, such as Kim Dotcom, joined in, the tech mogul calling on Twitter followers to exit stocks and pile into both Bitcoin and gold.

“Trust me”, he wrote on Wednesday, even as BTC/USD continued on its 15% two-day fall.

At press time, Bitcoin was trading at over $10,100, reducing its 24-hour losses to just over 3%. The uptick also went some way to lessening the impact of the previous drop on altcoin markets, the latter nonetheless still trailing losses of 10% or more.

Bitcoin Still up on the Week After Failing to Hold $11,000

Still, multiple sources – including Cointelegraph’s market information tools – report that Bitcoin’s price is currently under $11,000. Furthermore, according to cryptocurrency information platform CoinMarketCap, Bitcoin is currently trading under $11,000 on many exchanges, including BitMex, Binance, OKEx, and Huobi.

Bitcoin’s price is currently down by 3.12% on the day, trading at around $11,019, according to Coin360. Looking at its weekly chart, the coin is up by about 6.55%.

As Cointelegraph reported earlier today, former Goldman Sachs analyst turned Bitcoin maximalist Murad Mahmudov believes the top cryptocurrency will hit $100,000.

At press time, the total market capitalization of all cryptocurrencies is $287.5 billion, about 6.47% lower than the value reported a week ago.

After breaking $11,000 on August 4, Bitcoin has spent most of the past week bouncing around the $11,000-$12,000 range, briefly breaking into the $12,000s at separate points on August 6, 7 and 8 before a sudden $400 slip in value on August 10.

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