In today's digital currency market, the price of Bitcoin has been rising all the way, breaking through the $10,000 mark, which has attracted widespread attention. People have speculated that the bull market has finally arrived? Let's take a deep look at the real reasons for the surge in Bitcoin prices and the profound implications behind this phenomenon.

The price of Bitcoin has exceeded $10,000, and the driving force behind it is not accidental. Recently, the global economic situation has been turbulent, geopolitical tensions have been tense, and financial markets have been volatile. These factors have jointly promoted investors' demand for safe-haven assets. At the same time, Bitcoin's scarcity and decentralized properties have made it a safe haven in the eyes of more and more investors. Against this background, Bitcoin prices have continued to rise, breaking through the $10,000 mark in one fell swoop.

Is the arrival of the bull market just around the corner? From a technical point of view, the continued rise in Bitcoin prices shows strong buying support and market enthusiasm. At the same time, with the continuous improvement of Bitcoin market infrastructure, the influx of institutional funds, and the increase in global recognition of digital currencies, the footsteps of the bull market may have quietly approached.

However, we must also be wary of market volatility. As a highly volatile asset, Bitcoin's price increases and decreases may be unexpected. While chasing profits, investors should keep a rational mind and treat market risks prudently. The arrival of a bull market may also be accompanied by the arrival of a bear market. Therefore, calm thinking and risk diversification are the kingly way of long-term investment.

In the past few years, Bitcoin has experienced many price fluctuations, from a few dollars to thousands of dollars, and now more than $10,000. Behind this price surge, people's confidence in digital currency is constantly increasing. Bitcoin's technological innovation and social recognition continue to increase, laying a solid foundation for its long-term development.

As the price of Bitcoin continues to rise, the global digital currency market is also booming. Governments and regulators have begun to pay attention to the supervision and regulation of digital currencies, laying a legal foundation for the legal status of digital currencies. At the same time, more and more companies and institutions have begun to try to apply blockchain technology to practical scenarios, promoting the development of the digital economy.

The success of Bitcoin also lies in its decentralized characteristics. Unlike the traditional financial system, the decentralized nature of Bitcoin makes it more resistant to risks during financial crises or political turmoil. This uniqueness has attracted the attention of more and more investors and institutions, driving the continued rise in Bitcoin prices.

In the wave of the digital currency market, Bitcoin is like a bright star, shining with a unique light. There are infinite possibilities and opportunities behind it. With the acceleration of the global digitalization process, Bitcoin, as an important part of the digital economy, will continue to lead the development direction of future finance.

The price of Bitcoin has exceeded $10,000, which is not only a number, but also a milestone in the development of the digital currency market. Behind this event is the continuous strengthening of recognition and confidence in digital currency, and the admiration and exploration of blockchain technology. I believe that as time goes by, Bitcoin will continue to write its own legend and inject new vitality into the global financial system. The bull market may have quietly arrived. Investors, let us look forward to the future of Bitcoin together!

The four most famous international exchanges:

Binance INTL	OKX INTL	Gate.io INTL	Huobi INTL
China Line　APP DL	China Line　APP DL	China Line　APP DL	China Line　APP DL

Note: The above exchange logo is the official website registration link, and the text is the APP download link.

According to the global station data, on the afternoon of July 26, 2020, the price of Bitcoin rose in the short term, breaking through the $10,000 mark at 6 pm, reaching a high of 10,150.15 USDT, with the largest intraday increase of more than 4%.

Previously, the price of Bitcoin had always fluctuated slightly above $9,200. But in the past week, it has gradually recovered from the weak market state. On Tuesday, Bitcoin rose slightly to break through $9,300, and on Thursday it rose again to break through $9,500, and on Saturday it broke through $9,700, until it broke through $10,000 again on Sunday.

At the same time, the overall digital currency market has heated up. Among them, the second largest digital currency Ethereum (ETH) also broke through $310 today, hitting a new high in the past year, and the total market value of cryptocurrencies returned to $300 billion.

 Huobi Research Institute believes that there are three main reasons for the rise of Bitcoin today.

First, from late April this year to date, the price of Bitcoin has been hovering around $10,000-9,000, and the large-cycle sideways fluctuation has been nearly 3 months. Many fundamental events that occurred during this period have failed to have a lasting impact on the price of Bitcoin. Market participants are mostly arbitrage mentality of left-side trading. When the market forms a continuous directional trend movement, a large amount of funds will choose to follow.

Second, the overall digital asset market has recently formed a round of explosive market under the leadership of Ethereum. The reason why Ethereum has skyrocketed is mainly due to the prosperity of the DeFi market and the good development expectations of ETH2.0. In addition, the market has been silent for too long.

Third, the news that the US federal law defines Bitcoin as a "currency" yesterday has greatly increased the market's recognition of the value of digital assets, which has played a certain role in promoting the continuation of the rising market.

These three reasons have contributed to the overall rise in the recent market and the result that Bitcoin has broken through 10,000 again today, but these three reasons have not formed the inevitability of overall market linkage as in 2017.

For example, the market boom of DeFi does not constitute a direct demand for Bitcoin and Ethereum, so the sustainability of this round of rise remains to be seen, and it cannot be judged that the bull market has arrived. However, as digital assets mapped by Bitcoin in the future, such as stablecoins such as HBTC, are gradually incorporated into the DeFi system, the asset correlation will increase, and the market will have a more positive performance at that time.

 Technical analysis

BTC failed to stand above $10,000

Today, BTC rushed to $10,000 in the short term and reached a high of 10,150 before starting to fall. From the daily chart, BTC closed up for 7 consecutive days along the MA5 moving average, and the overall bullish arrangement of the moving average diverged upward, and the overall bullish trend was strong. The 4-hour chart quickly pulled back after a short-term rapid rise, and the price was close to the MA5 moving average. The bulls were not confident enough above $10,000. The overall upward channel path of the 1-hour chart has come to an end, and there is a need for adjustment in the future market.

ETH's 4-hour chart shows a strong trend. The entire upward process forms an upward channel, and the current callback has not fallen below the channel range, and the MA5 moving average forms a channel guidance support. At present, the strength performance of the MA5 moving average on the 4-hour chart can be observed.