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Bitcoin closes above $10,000 as bulls gain control amid increasing halving FOMO

The price of bitcoin closed above $10,000 on Thursday for the first time since February. Bitcoin is on the way of seventh con
The price of bitcoin closed above $10,000 on Thursday for the first time since February. Bitcoin is on the way of seventh consecutive positive weekly close.

The price of bitcoin has more than doubled since mid-March when the price crashed below $4,000. The recent upsurge in the price of bitcoin has surfaced in the wake of a halvening event that is scheduled to take place next week. The leading cryptocurrency witnessed a rise of over 9% as it closed above $10,000 on Thursday. At the time of writing, BTC is changing hands at just above $9,900, with a 6.5% rise in the last 24-hours.

Bitcoin breaks above the parallel ascending channel.

BTCUSD Chart - BitStamp
BTCUSD Chart – BitStamp

On Thursday, the leading cryptocurrency broke above the ascending channel that it had been forming since its crash seven weeks ago. Bitcoin continues to prove its status of the highly volatile asset as its price went from $6,600 to $10,000 within three weeks. The nearest target for the rise now is at the yearly high at $10,550. The Relative Strenght Index (RSI) on the daily scale has reached the overbought region at 80, signaling the beginning of FOMO. The open interest on the crypto derivatives exchange BitMEX is also significantly low after Thursday’s crash.

Hedge Fund manager Paul Tudor Jones buys bitcoin futures.

According to the Forbes report, Paul Tudor Jones, a large hedge-fund manager and founder of Tudor Investment Corporation, said that he is buying bitcoin futures. Paul Tudor believes bitcoin is an inflation hedge against great monetary inflation. The leading cryptocurrency reminds him of gold in the 1970s. In a letter to investors, Paul wrote that the best profit-maximizing strategy is to own the fastest horse, and if he forced to forecast, his bet would be the leading cryptocurrency. He further noted that the $22B Tudor BVI fund might hold as much as low single-digits of its assets in Bitcoin futures.

Binance CEO Changpeng Zhao also tweeted about Paul Tudor buying bitcoin futures, Binance CEO wrote that Tudor BVI fund is around 22B USD, and he wonders if they are into USD-based perpetual contracts.

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