Bulls managed to break through the defense of bears in the cryptocurrency market, and the bitcoin price returned to the zone higher than the $10,000 level.

Bitcoin reached $10,128. Bitcoin has not been traded at this level since September 2019. According to CoinMarketCap, the weighted average exchange rate of the first cryptocurrency reached the peak of the bullish trend at $10,189. A week ago, bitcoin was trading at $9159, and since the beginning of 2020, cryptocurrency added more than a third in price, rising from $7203.

The bitcoin capitalization exceeded $185 billion, and the total capitalization of the cryptocurrency market reached $293 billion. The bitcoin dominance index remains unchanged at 63.2%.

Several factors can contribute to the growth of the bitcoin exchange rate. In addition to the panic that swept not only the financial market but also the global political arena due to the outbreak of coronavirus in China, bitcoin is pushed up by the upcoming halving, which is expected in May 2020.

Statistics on deposits on crypto exchanges speak about a long bullish race. According to the analytic firm GlassNode, previous jumps in the bitcoin price were accompanied by an increase in digital assets deposited to crypto-exchanges. Investors were looking to sell digital assets when they approached local or global tops. Currently, there's no indication that bitcoin is overvalued, GlassNode mentions.