What Bear Market? Bitcoin Price Rises to $10,500 Eyeing a Breakout

Bitcoin price climbed back over $10,000 to nearly $10,500 on the morning of August 2 as the market has shown a surprising bounce defying earlier calls by some traders for more downside.

"August could turn out to be a good month".

Trader and market analyst Josh Rager said that BTC/USD moving back above $10,000 is finally showing some nice follow through.

"August could turn out to be a good month for price, IMO".Bitcoin 7-day price chart.

The squeeze up continues for BTC on relatively low volume, which suggests that the market is still not convinced of a bullish turnaround, he wrote in his Telegram trading journal.

As Cointelegraph reported yesterday, the new return above $10,000 coincided with this week's rate cut by the Fed, which fueled excitement among traders.

As some commentators noted, this was the first rate cut since Bitcoin's creation over a decade ago.

Alts have also struggled to keep up with Bitcoin price.

The past seven days say BTC gain over 5% while Ether is down 1.4% and XRP down 2.7% over the same period.

The total cryptocurrency market cap stood at $283 billion, with Bitcoin's share at 65.8% of the total.