Bitcoin price reaches $11.6K for first time in a year while traders expect $15K
Last Updated on August 5, 2020
Bitcoin price exceeded $ 11,600 which considered the highest level in one year, supported by higher market sentiment. While bitcoin against USD is showing strong momentum, traders expect the price will face resistance at 15,000.
Bitcoin soared to $ 1,173 on Bitmix in a surprise move in weekend prices. It also “filled” the Chicago Stock Exchange futures gap at about $ 11,630, which usually does not happen over the weekend.
Next resistance is between $ 12,000 and $ 15,000
Most of crypto markets experts, notes that the weekend price movement has not even started. Note that there is the resistance between 12,000 and 15,000 dollars.
Bitcoin chart shows that, historically, there is a slowing in price movement between 12,000 and 15,000 dollars. Bitcoin exceeded $ 11,600 in mid-2019 when it rose to $14,000 before returning.
Also noted Bitcoin’s price rose to an all-time high in 2017 in two weeks after reaching $11,600.
The structure of the Bitcoin market will remain exciting if it stabilizes at $ 11,400. As stability above $ 11,400 will show that it has turned into a support level. Where Van de Pope said:
“Yes, he broke $ 11,200 and overturned the support test -> $ 11500-11,700 and closed the Chicago Mercantile Exchange gap. But a side note: The EURUSD pair is going through a correction. I think gold, silver, and bitcoin will do the same. The critical threshold? Stability at $ 11,400.” ”
Causes of Bitcoin price increasing
Meanwhile, data from Squiao shows that less than $20 million in futures contracts have been filtered out over this increase in Bitcoin. And when Bitcoin price is affected by the futures market, this often leads to higher liquidation levels.
The weak liquidation amount in the futures market suggests options and spot market may trigger the rally. If Bitcoin futures market is less hot, it leads to a more stable and mainly strong bullish cycle, which some leading analysts say is now starting.
In more high time frame, a trader known by the nickname “Rocky” said that monthly candles for Bitcoin and Ethereum indicate more price raising. The convergence of a favourable aggregate market structure and a neutral futures market could maintain Bitcoin’s momentum. The trader said:
“The monthly candles for Bitcoin and Ethereum have closed at the highest level in the month. There is no upper end. This is bull movement.”
- Bitcoin is falling hard to lose about 12%, to trade above $30,000 - January 21, 2021
- Gold prices rise for the third session based on the dollar’s decline - January 20, 2021
- EURUSD rises as “Janet Yellen” testimony awaits - January 19, 2021
Bitcoin is falling hard to lose about 12%, to trade above $30,000
Bitcoin plunged strongly today, Thursday, to lose about 12% of its value, surpassing critical support…
Gold prices rise for the third session based on the dollar’s decline
Gold Prices Outlook: 22nd January 2021 Gold prices rose during today's session in the European…
EURUSD rises as “Janet Yellen” testimony awaits
EURUSD rebounded in Tuesday morning trading in the European market, to trade above its lowest…
Gold prices are rising thanks to the US financial stimulus
Gold Prices Outlook: 18th January 2021 Gold prices rose during online trading today, Monday, with…
Gold prices rise thanks to the US fiscal stimulus
Gold Prices Outlook: 15th January 2021 Gold prices rose during Friday's trading in the European…
GBPUSD continues to be supported by lowering negative interest bets
GBPUSD Outlook: 14th January 2021 GBPUSD got new support on Thursday morning, although confidence in…