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Bitcoin Bulls See Positives as Battle for $10,000 Continues

© Reuters.
© Reuters. — Bitcoin bears continued to chip away at $10,000 after a brief drop below the key psychological level early Thursday drew in some support, with bulls seeing reason for optimism.

fell 2.01% to $10,046 after recouping some losses fall a dip to a session low of $9,522.

But the weakness in the popular crypto has not drowned out bullish calls about bitcoin’s superior performance this year compared to its previous bull run – from 2015 to 2017 – as evidence that the upward trend remains intact.

Others, meanwhile, have pointed to bitcoin’s rising dominance rate — the weight of bitcoin’s markets cap relative to the total market cap for all crypto assets — as a sign that a bull run may be imminent.

Bitcoin’s market cap was last at $180.28 billion, about 70% of the total crypto marketcap of $264.8 billion.

At 70%, bitcoin’s dominate rate is at levels no seen since April 2017, just before the previous bull run that saw the popular crypto soar to $20,000.

Despite the optimism, bitcoin may find itself under further pressure if it suffers a meaningful break below its 100-day moving average, a key technical measure, around the $9,600 price level.

Other cryptos were mixed, with rising 2.21% to $0.2621, down 2.43% to $184.30 and losing 2.12% to $76.33.

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