Will Bitcoin Price Finally Conquer $10K? Here Are 3 Things to Consider

Bitcoin bulls were celebrating the digital asset's recent surge above $10,000 for the first time this decade, but the smiles were short-lived as Bitcoin failed to hold above $10K for a meaningful amount of time.

As can be seen in the chart above, Bitcoin crossed over the $10,000 mark on seven occasions in 2019.

Is seven the magic number in 2020?Since Bitcoin surpassed $10K on Feb. 9, we have seen the leading digital asset rocket above and below this key psychological barrier line exactly seven times.

This shows that volatility has returned to the crypto market, but can we expect Bitcoin to cross up beyond the $10K price mark again in the short term? Or is this a long-overdue correction for Bitcoin that will see the price plummet further?

The $675 CME gapFighting for the bulls we have the fact that the CME closed at $10,475 on Friday, so if Bitcoin stays at its current price of around $9,800, it will leave a gap of around $675 to fill next week.

Should the CME gap fill, it means Bitcoin will rocket back over $10K and on its way to $10,500 making it the eighth time Bitcoin has surpassed $10K in 2020, which would already beat the 2019 record.

Bitcoin mining difficulty to drop for the first time in 2020Every two weeks this year the mining difficulty has increased and at the same time so has the price of Bitcoin.

While there is no guarantee that this is driving the current price of Bitcoin, I'll be feeling a lot more bullish once the mining difficulty starts to increase again.

Despite the pullbacks that Bitcoin has experienced over this weekend, it has still managed to hold support in the current ascending channel that it has been in since the beginning of January 2020.Providing Bitcoin doesn't begin to break down below the support level throughout next week, then this would see $10,000 as the new support for Bitcoin, with key resistance being around the middle of the channel at $10,500, and $11,500 at the upper end.

Technically speaking, Bitcoin has broken the support of the ascending channel if you count today's candlewick down.