After securing a strong daily close, the Bitcoin (BTC) price continued to rise, rising to $ 12,000 in the last hour.
Breaking the $ 11,500-11,800 range was the most important bull in the past week, and a number of analysts have noted that above the $ 12K level. Public opposition is negligible.
This has led some traders to expect a quick move towards the $ 14,000- $ 15,000 level.
In an earlier analysis, Cointelegraph contributor Michael van de Pap said:
The resistance zone of 11,500–11,800 dollars is an old and large area on the lists. This level of resistance was not only in the summer of 2019, but also served as resistance during the high December mana. ”
This latest step towards $ 12,000 has penetrated this “old” area, and according to van de Poppe, one day “the price of Bitcoin will break through this area, then there is a lot of open space higher, and we want a new beef market.”
Ethereum hits two years high
When the price of Bitcoin hit a new 2020 rise, the price of Ether (ETH) rose to a two-year high of $ 399 on the Binance exchange.
The Ethereum index has risen more than 70% since July 18, and analysts believe that altcoin could see further gains as the DeFi sector continues to climb, Bitcoin rises higher and the ETH 2.0 update is expected to happen soon.
Some of the top 20 currencies have also achieved impressive gains as Bitcoin and Ether hit new highs by 2020. XRP rose 19.7%, stellar lumen (XLM) up 13.25% and Dogecoin (DOGE) up 12.93%.
According to CoinMarketCap, the total value of the cryptocurrency market is now $ 357.3 billion. The Bitcoin dominance index is currently 61.3%.