Bitcoin Finally Strikes $12,000

Bitcoin has done it. After days… Nay, weeks of waiting, the world’s number one cryptocurrency by market cap has finally broken further resistance and has shot well beyond the $12K position.

Bitcoin Has Broken Present Resistance

To be fair, this isn’t the first moment bitcoin has hit such a mark this year. The currency briefly struck $12K earlier this month, though the price didn’t last long at all. After a few hours, the new level for bitcoin proved too strong for where the currency was hanging, and the asset ultimately fell back down into the low $11,000 range. Now, however, things appear to be a little different.

At the time of writing, bitcoin is trading for well over $12,300. That means the currency has gained roughly $500 in price over the past 24 hours alone. Bitcoin is certainly on a roll, and there’s no telling where it will go from here. Still, some would prefer to watch and wait to see where the asset decides to travel next before deciding if it’s in a solid-enough place.

Kiana Danial – CEO of Invest Diva – explained in an interview:

Testing above the $12,000 psychological level is great, but we need a confirmation above this level to strengthen our short-term bullish viewpoint. A confirmation above $12,000 means if BTC/USD can open above this level the next day. If that doesn’t happen immediately, we could expect more fluctuations before bitcoin reaches the next resistance level of $13,324.

However, she was also quick to offer more bullish sentiment on bitcoin’s stance, claiming:

Looking at the big picture, bitcoin is slowly but surely completing the double bottom bullish reversal chart pattern that started in 2018 with the neckline resting at $13,324. The completion of this pattern would indicate long-term gains towards $20,000.

Perhaps the currency has a chance of hitting it’s all-time high again by the end of the year. Considering bitcoin has gained about $3,000 in just the last month alone, another $7K doesn’t seem all that out of the question considering there are still four and a half months left before we’re ready to say goodbye to 2020. This is also an election year, and the race is tightening up as we speak.

Will It Keep Going?

Joe DiPasquale – CEO of Bit Bull Capital – also provided his thoughts on bitcoin’s present patterns:

Bitcoin needs to stay above $12K and consolidate in a manner where it tests the level for support a few times before we can conclude if the breakout is reliable. For now, the fact that the price has found decent support around $11K and has broken through $12K with good volumes bodes well for the market.

Bitcoin’s current price marks a spike of almost $10,000 since mid-March considering the asset fell (briefly) all the way down to the high $3,000 range for a short while.

Source: Read Full Article