Bitcoin is now moving strongly towards $ 11,000 and then $ 12,000
The price of Bitcoin, the largest cryptocurrency in the world, reached a new annual high of $ 10,956 on the Bitstamp exchange at 17:02 UTC. After an extremely short setback to the $ 10,400 level, the BTC has apparently consolidated above $ 10,700, currently changing hands at $ 10,872. The next target to be hit by Bitcoin is $ 11,000.
Image by: tradingview.com
Bitcoin rises 50% year to date
The main cryptocurrency has risen more than eight percent in the past 24 hours. It outperformed all major altcoins (except for Bitcoin SV).
Bitcoin quickly rose after breaking above the $ 10,500 resistance that it tried unsuccessfully on several occasions.
The main cryptocurrency has now risen more than 50% in 2020, substantially surpassing gold (27%).
However, yellow metal also started this week up, reaching yet another historic high of $ 1,945.
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Transforming resistance into support
Cornerstone Macro’s chief market technician stated that the price of Bitcoin could reach $ 12,000 after it “finally” came to life:
“$ BTC price target: $ 12,000. $ ETH price target: $ 450. And from there? As high as the imagination allows.
Image by @CarterBWorth
Bloomberg analyst Mike McGlone believes that the difficult level of breaking $ 10,000 could eventually turn into support for the main currency:
“There is little excuse for the reference crypto asset not to turn the $ 10,000 resistance into support at the end of July, in our opinion.”