Within the last hour, the Bitcoin (BTC) price abruptly surged to $10,380 after spending the last month trading in a symmetrical triangle pattern. The move above the crucial $10K mark occurred as United States President Donald Trump mobilized local police and the National Guard to disperse masses of protestors on the White House grounds.
After a brief pullback to $10,100, bulls stepped in to provide renewed buying pressure. At the time of writing, the top-ranked cryptocurrency on CoinMarketCap has broken above the long-term descending trendline ($10,250), which has been in place since Bitcoin reached a $19,800 all-time high in 2018.
Crypto market weekly price chart. Source: Coin360
Altcoins also began to rally in response to Bitcoin moving back to $10,000, with many tokens in the top 20 rallying 3% to 5%.
Ether (ETH), the largest altcoin, advanced 6.64% to $250.68. Stellar Lumens (XLM) rallied 6.81%, and NEO gained 11.75%.
The total cryptocurrency market capitalization is over $284.2 billion at press time, with Bitcoin’s share continuing to grow at 65.9%.