Bitcoin (BTC) surged above the $10,000 level at around 23:05 UTC (7:05 p.m. Eastern Time). The flagship cryptocurrency broke above this level after idling in the low-to-mid $9,000s for almost a week. Based on TradingView data, BTC surged from $9,895 to about $10,429 in 30 minutes as volatility marked the end of the daily closing period for June 1. The last time that the crypto surged above the $10K mark was the first week of May. It climbed into the 5-digit territory after it suffered a historic sell-off on Black Thursday that pushed the price below $4,000. At the time of writing, Bitcoin is trading around $10,150, meanwhile, the protests in the U.S. are going on.
This price spike comes after steady growth in the Bitcoin futures market, as documented by Skew. According to the data collected from Bitcoin investment company Bitwise, the crypto also thrived on almost $1 billion in spot volume from the retail participants in the past 24 hours.
Bitcoin amid U.S. Protests
Bitcoin could be slowly taking its position as a haven asset. Many believe that because the positive price action came at the end of a mayhem-filled week in the U.S. Over the last weekend of May, several city streets across the country were filled with protestors marching to condemn the killing of George Floyd by Minneapolis police officers.
Most of these protests turned into severe riots as businesses were defaced, looted, and even burned. As police clash with the restless crowds, the National Guard has been deployed to many cities like Minneapolis and Los Angeles.
Bitcoin price action is significant amid unstable domestic situations and protests in the United States. It may also coincide with the bullish sentiment of BTC supporters whose digital gold narrative is gaining mainstream attention. However, there is no strong assurance that the BTC price will remain above $10,000 in the near-term.
Bitcoin Trading Volume
Bitcoin’s price action was also matched by a massive inflow of daily trading volume on the Binance and Bitstamp exchanges. In that context, Coinbase was overwhelmed, resulting in a temporary outage that has now been resolved.
Coinbase is down again.
And bitcoin is above 10k.
— David Nage🎯 (@DavidJNage) June 1, 2020
For 32 days, Bitcoin was hovering between $8,600 and $10,000. Finally, it smashed the $10K psychological resistance as traders aimed to exploit a bullish technical setup. Even ETH broke out as mentioned by the chief investment officer at Orthogonal Trading, Joshua Green. He added:
“The macro and fundamental scenario are very bullish, and the market has been shorting into $10,000, under-allocated above $10,000.”