However, rivets are starting to pop in the superstructure of this juggernaut which has played havoc with the emotions of investors throughout much of its shelf life. Getting above $10,000 was a massive achievement. Staying there, though, is another story. The 10k line, upon each visit, has always been a stumbling point whatever direction bitcoin is travelling in. It is undoubtedly the most significant psychological barrier across the entire cryptocurrency spectrum and, right now, it looks like BTC appears destined to tumble below it.
The portents don’t look positive when you step back and view the year as a whole.
Bitcoin’s potential pullback has been steadily noticeable for days – not just because the charts have a clear descending set of lines, but also for a few other signals that may force one or two fingers to hover over the panic button.
Yesterday, it was three per cent below the previous day’s close as it edged nearer to $10k with a seat reserved at the $9,800 table.
Expect a battle to ensue over the coming days as those with enough steam left in the tank to put up a fight attempt to will bitcoin back up, while bears play their own game of stamping the value down.
If attempts are made with enough conviction to give bitcoin reasonable air above $10,000 then we may yet see the year out on a high.
And that mustn’t be ruled out.
After all, cryptocurrency often has strange forces at work and is always capable of surprises.
However, the logical signs right now – steady downward moves on weekly candle closes, a robust and repeated rejection of an attempt to breach $11,000 – point to the increased potential for a drop.
This market is looking tired.
Few would dare to doubt that.
But if the hardcore investors don’t find some strength from somewhere, bitcoin’s constant game of snakes and ladders could see it land on a part of the board it didn’t expect to be returning to any time soon.
• Coin Rivet is a website bringing news, information, analysis, opinion and insight from the fast-moving blockchain world.