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.
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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.
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.
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.
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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.