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Bitcoin Blasts Back Above $12,000, Sets New High For 2020

Tony Spilotro by Tony Spilotro
8 months ago
in Bitcoin Price
0

Bitcoin’s price this morning blasted clean above $12,000 for yet another attempt to hold above the key level. The latest move also has set a new high for the year.

Will this latest performance from bulls lead to a much stronger push higher to retest $14,000, or after so many weeks of positive momentum, is the trend started to near its end?

New 2020 Record High Set For BTCUSD After Monday Morning Mayhem

This morning, to start off the week with as Monday morning trading activity started across the US, Bitcoin price spiked to as high as $12,200 on Bitstamp. The pump set a new high for the year, and the highest price the cryptocurrency has traded at since August 6th of last year.

RELATED READING | HOW A REPEAT OF THE “ROARING 20S” COULD BOOST CRYPTO ADOPTION

Then, Bitcoin’s price had been reeling and consolidating after a rejection at $14,000. Eventually, the asset fell from the level to below $10,000, and the bear market resumed until recently.

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bitcoin btcusd

BTCUSD Daily Price Charts New 2020 High Above $12,200 | Source: TradingView

Bitcoin and the rest of the crypto market have had a strong showing in the first half of 2020, but already the second half of the year as been just as bullish, if not more so.

The cryptocurrency has now broken through downtrend resistance and continues to set new highs, much as it did today. But what targets lie above here, and will Bitcoin price pull back before that happens?

Levels To Watch If Bitcoin Breaks Down, Upside Targets Include $13,000 and $17,000

After breaking clean above $10,000 weeks ago and never looking back, yet beginning to struggle with resistance above, Bitcoin is once again reaching an impasse. Profit-taking in the cryptocurrency and the rest of the altcoin market could prompt some drawdown across the market in the days ahead.

Bitcoin is up well over 60% on the year, while the rest of the market has outperformed the first-ever cryptocurrency with over 80% across the board. Some altcoins have grown by as much as 490% in the last 30 days.

bitcoin btcusd

BTCUSD Weekly Price Charts Levels To Watch | Source: TradingView

With so many investors in profit, a move lower cannot be ruled out. Levels to watch include a retest of resistance turned support at $10,000. Below that, there’s a CME gap open in the low $9000 range that could present an ideal target to reload longs or buy the dip.

Even deeper, Bitcoin could retest lows in the mid-$8,000 region or perhaps as low as mid-$7,000 before continuing its uptrend higher.

RELATED READING | BITCOIN’S PRICE IS RISING, BUT DATA SHOWS NO ONE WANTS TO SELL

If resistance at $12,000 and up does give way to bulls, a strong push toward $14,000 is expected. Above there, there’s another strong resistance around $16,000 to $17,000, then air until the asset’s former all-time high of $20,000.

Can the cryptocurrency really rebound from Black Friday lows, all the way to a new all-time high without any meaningful pullbacks? The scenario seems unlikely, but momentum is currently on the bull’s side.

Featured image from Unsplash.
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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