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Bitcoin Reaches New Yearly High Amid Explosive Rally

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Mon, 07/27/2020 - 17:33
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Alex Dovbnya
Bitcoin keeps climbing higher after smashing through the $10,500 resistance
Bitcoin Reaches New Yearly High Amid Explosive Rally
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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
image by tradingview.com

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.   

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Turning 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.” 

BTC
image by @CarterBWorth

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.” 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.