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Short but sweet – this is the best way to explain the Bitcoin news from yesterday which showed that the leading cryptocurrency went from below $8,000 to above $10,000 in less than 12 hours. As BTC reached $10,350 yesterday, analysts marked it as a major Bitcoin milestone for the dominant cryptocurrency.

The highest level was exactly at $10,350 which is also something that we haven’t seen for more than 5 months. Meanwhile, the global average price of Bitcoin has clocked a high of $10,332 as some charts showed.

Twenty four hours before that, the dominant cryptocurrency was reeling under bearish pressures below $7,500 and the prominent chart analysts were calling a deeper drop. This, as they said, was a courtesy of the so-called “death cross” which is a bearish cross of long-term moving averages.

However, the Bitcoin milestone was reached quickly and the most dominant cryptocurrency picked up a bid around $7,500 in the early US trading hours on Friday. BTC rose to $8,800 quickly and managed to print highs above $10,000 in a record amount of time. This is how “the death cross” trapped sellers on the wrong side for the fourth time since 2014.

The Bitcoin milestone was achieved after BTC closed at $8,862 on Friday and gained 16.51% in a single day. This marks the highest singe-day rise since April 2. Back then, the cryptonews showed that BTC rallied by 18.45% from $4,133 to $5,080.

The previous two times Bitcoin saw a >40% daily gain, it was trading at $0.40 and $5.65.

Today, Bitcoin’s 42% swing is the 3rd largest daily gain in price history.

Data via @coinmetrics pic.twitter.com/PKHQgNlSUy

— Yassine Elmandjra (@yassineARK) October 26, 2019

Other experts also commented the Bitcoin milestone and associated the latest double-digit surge with the Chinese President Xi Jinping’s comments that the second largest economy in the world should accelerate its adoption of the blockchain technology. After all, China is seen as the biggest motivators for the crypto increase – and the biggest sources of demand for cryptocurrencies during the 2017 bull run.

This week in crypto:

1. China going all in on blockchain
2. Bitcoin up 30%+ in one day
3. Bakkt hits volume all-time highs
4. Zuckerberg testifies in Congress
5. Morgan Creek raises $60M
6. Circle spins out Poloniex
7. Bitcoin is still not dead 🙂

Another week of progress! 🔥

— Pomp 🌪 (@APompliano) October 26, 2019

This is why the investor community expects the Bitcoin milestone to trigger a rally that will continue. Some observers, however, stay worried that the market optimism is premature as China develops a new version of its own currency and is unlikely to lift the ban on Bitcoin and other cryptocurrencies.

At the time of writing and a day after the Bitcoin milestone was achieved, Bitcoin (BTC) is at $9,268 with a 0.14% drop on the day.