Bitcoin Jumps Above $10,000

Bitcoin Jumps Above $10,000Bitcoin Jumps Above $10,000

Bitcoin jumped above $10,000 for the first time since early June after relatively muted recent price action. 
The digital currency was trading at $10,196.27 at around 12:31 p.m. Singapore time, 2.55% higher than 24 hours previously, according to data from Coindesk. 
Bitcoin last crossed $10,000 on June 3 and has since seen a steady decline. But over the last seven days, bitcoin has risen nearly 11%, CNBC reported.
Vijay Ayyar, the head of business development at cryptocurrency exchange Luno, told CNBC that large players were debating whether to sell off their bitcoin to smaller entrants in the market, which could push the price lower and make it more attractive for bigger traders to buy more of the digital asset.
“This doesn’t seem to have happened,” Ayyar said. “What we have unfolding is potentially re-accumulation by big players, joined by smaller traders in an attempt to push BTC higher past 10K and more past 10.5K, which is the big resistance level, where BTC last put in a high.”

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