The price moving closer to the $10,000 level
There our reports that legendary hedge fund manager Paul Tudor Jones is buying bitcoin as a hedge.
Looking at the price on the Coinbase exchange, the price has reached a high of $9970 - just short of the natural target at $10,000. The last time the price traded above the $10,000 level was back on February 24 when the price reached $10,030
Technically, the price is approaching the 61.8% retracement of the move down from the June 2019 high to the March 2020 low. That level comes in at $10,044.45. Above that and traders will be looking toward the October 2019 high and February 2019 high at $10,540 and $10,522 respectively. Move above that level opens up the door for a run toward the $11,000 level.
The price moved above its 100 and 200 day moving average back on April 29
and raced higher (blue and green lines). Those moving averages currently are around $8017. Stay above is more bullish. The price is also above the 50% retracement of the move down from the June 2019 high. That level comes in at $8863.22.
Whether a appropriate hedge are not. What is important is the media acknowledgment that a well-known investor is actually the merits of bitcoin and his portfolio (probably leaked by said hedge fund manager).