Bitcoin (BTC) crossed the $10,000 mark for swathes of institutional investors this week as markets looked increasingly likely to surge higher still.
Bitcoin 7-day price chart. Source: Coin360
CME reaches $10K per Bitcoin
Data from CME Group’s Bitcoin futures shows the implied price of Bitcoin reaching the symbolic five figures on Feb. 6.
Since then, a slight correction has sent BTC/USD a shade lower — it currently trades at $9,800, while CME’s futures are hovering around $9,900.
CME Bitcoin futures 2-week chart. Source: TradingView
Considerable enthusiasm has accompanied sustained price momentum for Bitcoin throughout the past week’s trading.
After challenging $9,000 support on Feb. 4, an abrupt upward surge saw the largest cryptocurrency reach new local highs of $9,840 — its best position since mid-September.
As Cointelegraph reported, Bitcoin’s year-to-date performance currently stands at more than 35%, second only to Tesla stock in terms of gains since Jan 1.
Analyst eyes $10K futures close
For Cointelegraph Markets analyst filbfilb, press-time levels represented an important watershed for BTC/USD, with a major move in either direction a strong possibility.
“Overall picture is good going into the close… Would be glorious if CME takes us across 10k into the close,” he summarized to subscribers of his Telegram trading channel on Friday.
Filbfilb added that he eyed potential support at $9,550 should a sell-off ensue.
Futures markets meanwhile continue to reach new achievements, with fellow operator BitMEX seeing new record open interest for its own futures product — $1.5 billion.
Joseph Spezzano received a Masters Degree in computer science from The University of Massachusetts. Joseph has been working as a full-time blockchain programmer for the past 5 years. In his spare time, Joseph enjoys writing for CryptocurrencyInvestments.com and traveling.