Bitcoin broke its record moving out of the prolonged resistance of $12000 on October 20, which is a positive signal that the crypto token would soar higher in the next few weeks.
The Bitcoin bullish candlestick was created this week, which can go beyond the previous high point of $11,600.
The crypto ken traded above the price bracket of 12000, which happened after a span of two months. The price was recorded at 12,034.70, which was an increase of 2.6% on Tuesday, and closed at 11,94628, that was up but 2.26% at the time of writing this article. Earlier this month, Bitcoin reached a low of 10,200, which was considered a rock-bottom price making investors worried, however now it is trading at a constant high, confirming a bullish macro trend.
A Streak of Highs
Bitcoin, the largest cryptocurrency by market capitalization, created a streak of increase as it gained momentum for six days in a row. The Bitcoin settled slightly above 12000 after combating several sell orders below the price. The markets anticipated the rally due to last week’s staggering numbers.
At the time of writing Bitcoin is priced in at $12,796.
Reaching $12000 For the First Time After Aug
It was only last August that the crypto coin reached a high of 12000 USD, after which it stayed around 10000. There have been some substantial investments in Bitcoin by mainstream tech giants like MicroStrategy, Square, and Synergy, due to which the stakes of Bitcoin have strengthened.
As Bitcoin prices surge, the other crypto coins like ETH were trading lower at around 4 percent since yesterday.
More Investors For Bitcoin
The cryptocurrency has done well in the recent past, going above the key resistance level as more and more buyers entered the market. Currently, bitcoin is giving other assets tough competition when it is outperforming gold, etc. as recorded in Wednesday’s trading session.
Giving Other Equities A Tough Competition
As per the market watchers, the various market equities have fallen while the Bitcoin is moving ahead. As the various central banks are adopting digital currencies and mainstream firms converting their assets to Bitcoin, it is not surprising to see the cryptocurrency doing extremely well.
The crypto experts would keenly observe the markets to see how the Bitcoin reacts to the 12000 USD level and for how long it is able to maintain the threshold. The bullish run for the crypto token can be firmly predicted only if it remains above the 12000 mark for a considerable amount of time and not just a day or two.