From today we will publish a daily chart of the financial markets that speaks for itself. As it could not be otherwise, we are going to start with Bitcoin, which at the moment of writing tries to challenge the US$ 12,000.
On August 2, Bitcoin reached its annual high of 12k, only to be violently rejected at US$ 10,950. At press time, it was trading at US$11,815, according to online broker SimpleFX.
Since the Coronavirus pandemic raged, Bitcoin has clearly served as a valuable reserve asset. Will this trend continue for the rest of 2020?
The Bitcoin Winter Crypto is over
Is Bitcoin going to challenge the $12,000 in today’s session?
In the last 24 hours, Bitcoin has been on an upward trend, slowly approaching the key barrier of $12,000. If there is no negative news in the cryptomarket, this Friday, or by Saturday at the latest, the BTC could challenge the annual high again.
In the chart below, it is clear that Bitcoin is slowly trying to reach the key resistance level of $12,000. If it breaks this resistance, it could trigger heavy buying, with the next level due to break through at $13,800, the 2019 annual high.
Various sources consulted predict that if the price of Bitcoin manages to consolidate above US$ 12,000, it would have a clear path to seek its historical maximum of US$ 20,000, recorded as far back as December 2017.
Yesterday, the co-founder of the Gemini exchange, Tyler Winklevoss, declared that the Bitcoin winter crypto is over after two years. News like this encourages to bet on the cryptomarket, especially Bitcoin.
Personally, I think that the most important incentive for Bitcoin to reach new highs is the confidence that large investors have placed in BTC as a reserve of value.
Finally, I ask you: Do you think that Ethereum Code can surpass 12,000 dollars this Friday? Let us know your thoughts in the comment box.