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Bitcoin price hit a 10-month high, indicating resistance at $ 10,500

July 27, 2020

Bitcoin (BTC) reached its highest level in more than ten months on July 27 when the bulls took control and sent the largest cryptocurrency over $ 10,350.

Market overview of Coin360

Market overview of Coin360 cryptocurrencies

Bitcoin price hit a 10-month high, indicating resistance at $ 10,500Bitcoin price hit a 10-month high, indicating resistance at $ 10,500

Data from Cointelegraph Markets and Coin360 confirmed that the BTC / USD pair hit a high of $ 10,363 on some exchanges on Monday. his best performance since September 9, 2019.

The markets continued to benefit from the optimistic mood as the new trading week began. Bitcoin followed safe havens like gold and silver to surprise traders and analysts alike.

As Cointelegraph reported A number of factors help boost profits. which are still subject to classic resistance levels.

At the time of this release Bitcoin has yet to prove $ 10,500, an important resistance that, if overcome, will open the door for $ 11,000 and more.

“Overall optimistic but easy to see that large volume and tight movement of the (USD) 10500/11000 will lead to the sequel that everyone wants.” The Cointelegraph Markets analyst said: felt felt, on Monday to subscribers to its telegram channel for retail.

BTC / USD daily chart

One-day chart for the BTC / USD pair. Source: Coin360

Bitcoin “behaves more like gold and silver

“Briefly in traditional markets; Gold and silver continue to rise, and bond yields hit new lows as the USD continues to lose ground. “ The analyst went on to add:

“The indices generally look somewhat precarious after the last sell-off last week. We need to keep that in mind, but Bitcoin currently appears to behave more like gold and silver than like stocks. “

Safe havens are the taste of the month among investors The weakness of the US dollar goes hand in hand with uncertainty about the measures taken by China and the corona virus.

Gold is currently at USD highs in USD. with solid silver performance at $ 24.

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