Bitcoin price is currently back over $10,500, holding on after a brief crash to under $10,400 on the heels of several pieces of extremely negative news. The recent news normally would be enough to send the crypto market collapsing, highlighting just how resilient support at $10,000 has been so far.
Bitcoin Price Holds Strong At $10,000, Showing Resiliency in Face Of BitMEX Case, KuCoin Hack
Bitcoin price may have fallen 20% from 2020 highs, but the cryptocurrency remains firmly above the key support level of $10,000. This level acted as resistance throughout the 2019 bear market and was a key FOMO trigger on the way up in 2017.
Once the cryptocurrency passed back below it in 2018, however, it spent very little time in its price history above it. Until now.
Bitcoin has now spent the last two months above the pivotal resistance level turned support, and it has shown incredible resilience in the face of negative news that would normally send the asset’s price tumbling.
Yesterday, news broke that the CTO of BitMEX was arrested and the rest of the team hit with a number of charges by the CFTC and United States Department of Justice. The widely known cryptocurrency derivatives trading platform is notorious across the market for liquidating “rekt” traders who lose their Bitcoin in the process.
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