what caused bitcoin price to surge past 10k over the weekend ?
Since Dec. 18, 2019, in less than three months, Bitcoin’s (BTC) price surged by 68% against the United States dollar. It surpassed the $10,000 level on Feb. 9, marking the start of a full-blown crypto market rally for most.
The sentiment around the recent Bitcoin rally remains divided amongst investors. Joe007, for instance, one of the biggest whales in the cryptocurrency market, has been adamant that the upsurge has been a result of pure manipulation.
Other investors like Adaptive Capital general partner Willy Woo and Three Arrows Capital CEO Su Zhu said that both fundamental and technical factors have supported the rally since the beginning. When Bitcoin’s price was hovering at around $7,000, Zhu noted that the premium of the BTC/USDT pair indicated an accumulation phase was starting particularly in Asia.
While the explanations for the recent Bitcoin upsurge vary, they ultimately can be narrowed down to three broad factors: accumulation since December 2019, on-chain data indicating a rise in investor activity and a possible manipulation by whales.