After a strong daily close, the price of Bitcoin (BTC) continued to rise, rising to $ 12,000 in the past hour.
Daily price chart of the crypto market. Source: Coin360
Breaking the $ 11,500 to $ 11,800 range has been the most significant success for the bulls last week, and several analysts have found that there is little resistance above the $ 12,000 level.
This has caused some traders to forecast a rapid move to the $ 14,000 to $ 15,000 level.
In an earlier analysis, Cointelegraph employee Micheal van de Poppe said:
“The resistance range of $ 11,500 to $ 11,800 is an old and significant area on the charts. This level not only served as resistance in the summer of 2019, but also as resistance during the delusion in December 2017. “
Bitcoin daily price chart. Source: Coin360
This latest move to $ 12,000 has broken that “old” range, according to Van de Poppe Once “the price of Bitcoin breaks through this zone, there will be a lot of open areas at the top and a new bull market will be coming to us.”
The Ethereum price reaches a 2-year high
When the price of Bitcoin reached a new high for 2020, the price of Ether (ETH) on the Binance exchange rebounded to a 2-year high of $ 399.
Ether has recovered more than 70% since July 18, and analysts expect Altcoin to see another upward trend as the DeFi sector continues to grow, Bitcoin continues to recover, and the ETH 2.0 update is expected to occur soon becomes. .
Ethereum daily price chart. Source: Coin360
Many of the top 20 alternative currencies also posted impressive gains as Bitcoin and Ether hit new highs for 2020. XRP recovered 19.7%, Stellar Lumens (XLM) 13.25% and Dogecoin (DOGE) 12.93%.
According to CoinMarketCap, the total capitalization of the cryptocurrency market is now USD 357.3 billion. Bitcoin’s domain rate is currently 61.3%.