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.

Bitcoin Price - August 3 2020

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.”

Professional Trader and Analyst, economist in Financial and Forex marketsince 2004.holds an MBA from the American University in Egypt. Mohammed works as an economic writer and technical & fundamental analyst for many international Forex and financial trading companies in both English and Arabic on a daily basis.
Mohammed Abdelkhalik

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