It has been a long time in the making but Bitcoin’s price has finally shown some signs of life after trading uncharacteristically flat for the past six or so weeks. Bitcoin’s price floundered in the lower reaches of $9,000 for weeks on end, but this week it has finally risen to be above $9,500.
Bitcoin has a special affinity with the $10,000 price mark. This figure represents the halfway mark to its all time high and is a sentimental milestone that usually means bullish tendencies. But, with the coin being stuck in the lower reaches of $9,000, there has not been much to get excited about — in fact, and altcoin season has been brewing in its wake.
There has not been much catalysing news to explain why the coin has suddenly taken off, however, there is good news out of the US where the Federal Reserve has declared bitcoin as a form of money under the Washington DC. Money Transmitters Act.
However, over in Europe, there was less to be excited about as popular mobile trading platform Robinhood, that has its friendly affiliation to cryptocurrency, suddenly cancelled its much-anticipated UK launch. The plans for global expansion have been put on hold, as well as the drive for crypto adoption through such an app.
Heading to $10,000?
With Bitcoin’s price finally sparking into life, there are many wondering what this could mean for the bigger growth spurt expected from the coin, especially following the halving event earlier this year. However, it has yet to break the upper boundary of its macro trading range, which sits at $10K. At the time of writing, BTC is trading down slightly lower at its current price of $9523.
As for where BTC price might head in the near-term, analysts are speculating that $9,600 is a key level to keep an eye on.
Analyst TheCryptoCactus even suggested that a weekly close above that level would be ideal for fueling further upside. He stated:
“Market is looking really strong in my opinion, but for full transparency, this $9600 level has to be flipped on the weekly close if we really want to continue higher…”
Bitcoin may have made its way into the mainstream and become more legitimate, but it still needs help being normalised. A recent decision in Washington has helped this along.
The situation arose during a case hearing of the United States versus Larry Dean Harmon. Harmon had put forward a dismissal motion for the case against him for running an underground Bitcoin trading platform. Bitcoin was looked at in this case and, Chief Judge Beryl A. Howell described money as a “means of exchange, payment, or store of value.” She added that Bitcoin met these conditions hence adopting the meaning, although it is not necessarily restricting to money.
Unfortunately. Robinhood and its crypto-friendly service won’t be pushing any global boundaries anytime soon. According to a CNBC report on July 21, Robinhood announced that it had stopped its plans for global expansion, and is currently focusing on developing its home market in the near future.
A company’s spokesperson said:
“A lot has changed in the world over the past few months, and we’ve made the difficult decision to postpone our U.K. launch indefinitely. As a company, we are refocusing our efforts on strengthening our core business in the U.S.”