Bitcoin Reaches New Yearly High Amid Explosive Rally
The price of Bitcoin, the world’s largest cryptocurrency, reached a new yearly high of $10,956 on the Bitstamp exchange at 17:02 UTC on the Bitstamp exchange.
After an extremely short-lived retracement to the $10,400 level, BTC has seemingly consolidated above $10,700, currently changing hands at $10,772.
Bitcoin is up 50 percent year-to-date
The top cryptocurrency has so far surged by over eight percent over the last 24 hours. It has outstripped every single altcoin (save for the Bitcoin SV fork).
Bitcoin quickly rippled higher after smashing above the $10,500 resistance that it has unsuccessfully attempted to break on numerous occasions.
The flagship cryptocurrency is now up over 50 percent in 2020, substantially outperforming gold (27 percent).
Nevertheless, the yellow metal also started this week on a high note, soaring to yet another all-time high of $1,945.
Yuri MolchanTurning resistance into support
Cornerstone Macro’s chief market technician claimed that the Bitcoin price could reach $12,000 after “finally” coming to life:
“$BTC price objective: $12,000. $ETH price objective: $450. And from there? As high as the imagination will allow.”
Bloomberg’s analyst Mike McGlone believes that the hard-to-crack $10,000 level could eventually turn into support for the top coin:
“There is little excuse for the benchmark crypto-asset to not transition $10,000 resistance into support toward the end of July, in our view.”
Arman Shirinyan
Vladislav Sopov
Dan Burgin