Cryptocurrencies
Bitcoin Faces Resistance at $10,000 as Mammoth Rally Loses Steam
- Some observers credit China’s embrace of blockchain for jump
- China’s media says investors should avoid speculative behavior
Photographer: Philippe Lopez/AFP via Getty Images
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As Bitcoin’s monster rally over the past few days loses steam, technical indicators show it could face further resistance at the $10,000 level.
The largest digital currency gained nearly $2,500 at its peak this week following positive comments regarding blockchain technology from Chinese officials. But it hit a ceiling at $10,000, indicating that tougher times could lie ahead. For many investors, it will need to meaningfully breach that level for confirmation that the rally could continue, historical pricing patterns suggest.