Bitcoin has seen enough bearish days over the last couple weeks, say the bulls pushing up its price today. A big boost from a big name like Square, which today announced a $50 million investment in Bitcoin, could not have come soon enough for holders.

September was something of a roller coaster ride for Bitcoin, which isn’t exactly atypical for the volatile digital asset. But the last few days of September were particularly interesting.

Bitcoin touched the $11,000 per coin mark and the market showed signs of optimism. Then, late Tuesday, President Trump announced there would be no new COVID-19 relief package, sparking fear in the markets. The Dow sunk 600 points and Bitcoin likewise plummeted, though the asset continued to show support above $10,000.

Trump, of course, later changed his mind, which helped to turn the tide. But, in the cryptoverse, Jack Dorsey—an outspoken Bitcoin enthusiast—may in fact hold more sway.

Square Invests $50 Million in Bitcoin

After Dorsey’s Square announced today that it bought $50 million in Bitcoin, the cryptocurrency shot up faster and more sharply than it fell with the Trump news. Nevertheless, Bitcoin is still trading within that $10,500 to $11,000 range and has yet to break through.

During the last couple of days, BTC has been trading sideways. Image: Tradingview https://www.tradingview.com/x/Ea5hbs2E/
During the last couple of days, BTC had been trading sideways. Image: TradingView

Zooming out, Bitcoin’s price rise comes just in time to provide its investors with some relief. Since March, Bitcoin has demonstrated to be trading in a strong bullish channel, but it had come very close to losing that support over the last few days.

Bitcoin has been bullish since March. Image: Tradingview
Bitcoin has been bullish since March. Image: TradingView

If the positive trend didn’t hold, Bitcoin risked falling to $9,000—and then $7,000 after that, with the last support near $5,000. A scary thought for holders, no doubt.

The good news is that every day that Bitcoin stays above $10,000, that $10K support line grows stronger. With any luck for investors, soon counting to Bitcoin’s days above $10,000 will become as passé as counting its days above $1,000.

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

Source: decrypt