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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Shoots Past $12,000, Continues to Rally as Dow Jones Sinks

Nick Chong
Nick Chong
1 year ago
2 mins read

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Bitcoin has continued to tear higher. As of the time of writing this, the flagship cryptocurrency is up 5% in the past 24 hours, finding itself trading for $12,500 a piece. Altcoins, interestingly, have not followed suit, perpetuating a trend of non-BTC crypto assets underperforming as Bitcoin sees a strong performance.

As seen in the chart above, this move marks a clear break of the $11,800 resistance level, which has acted as a price roadblock in this rally, the previous move to $14,000, and 2017’s cycle. As this move occurred just minutes ago, it remains to be seen whether or not the momentum will continue. But, ever since hitting $9,100 a number of weeks back, Bitcoin has been in a clear trend to the upside.

Related Reading: Bitcoin Store of Value Narrative Turning Toward Safe Haven Asset

Bitcoin Decisively Retakes $12,000 

Weeks ago, a number of analysts were calling for Bitcoin to retest $6,000 once again, which would have the bears’ one last hurrah prior to a jaw-dropping bull run to new all-time highs. It appears that this won’t be happening… for now.

As outlined earlier, BTC recently began to surge higher, pushing past $12,000 in a move that caught many traders with their pants down. This move reinforces the idea that Bitcoin bulls are back.

Altcoin Pyscho, a popular analyst, noted prior to this move that the Super Guppy, a technical indicator that aims to predict trends, flipped back to green (bullish) from gray (neutral). As seen below, BTC could ride the green guppy, as it did from April to late-June, to new year-to-date heights.

https://twitter.com/AltcoinPsycho/status/1158531496459661312

That’s not the only positive technical sign. Per previous reports from NewsBTC, Joe McCann recently observed a bullish crossover of the Moving Average Convergence Divergence (MACD), an indicator that tracks trends, on Bitcoin’s daily chart.

As McCann points out in the chart above, the last two times that Bitcoin has seen this signal in this cycle was preceding two three-weeks surges to the upside of 52% and 61%. Should history repeat itself, BTC could surge to around $17,000 by the end of August.

What’s interesting, this potentially strong performance may set the stage for the rest of the year’s price action. Per previous reports from this outlet, cryptocurrency investor Timothy Peterson wrote that “historically, BTC returns in August have set the tone for the rest of the year.”

This move comes, of course, as the Dow Jones and other prominent stock indices have fallen by upwards of 2%, seemingly off of continued tension between the United States and China.

Featured Image from Shutterstock. Chart from Tradingview.com
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Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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