Bitcoin price rallied through a key resistance zone and secured a new 2020 high $11,965.
Listen to article Market Update After securing a strong daily close, Bitcoin price continued to press higher by cruising through the $11,900 level within the last hour.
Breaking through the $11,500-$11,800 range was the bulls most significant achievement of the last week and a number of analysts have noted that above the $12,000 level there is little overhead resistance.
"The $11,500-11,800 resistance area is an ancient and substantial area on the charts. Not only did this level serve as resistance throughout the summer of 2019, but it also acted as resistance during the peak mania of December 2017.".
This most recent move to $11,965 broke through this 'ancient' range and according to van de Poppe once "The price of Bitcoin breaks through this zone, then there is a lot of open range above and a new bull market will be upon us."
As Bitcoin price moved to a new 2020 high, Ether price rallied to a 2-year high at $399 on Binance exchange.
Since July 18 the Ether has rallied more than 70% and analysts believe the altcoin could see further upside as the DeFi sector continues to grow, Bitcoin rallies higher, and the ETH 2.0 upgrade is expected to occur soon.
Many of the top-20 altcoins also posted impressive gains as Bitcoin and Ether moved to new 2020 highs.
XRP rallied 19.7%, Stellar Lumens gained 13.25% and Dogecoin added 12.93%.According to CoinMarketCap, the overall cryptocurrency market cap now stands at $357.3 billion.
Bitcoin's dominance index currently at 61.3%.Keep track of top crypto markets in real time here.
New 2020 Bitcoin Price High at $11,965 Proves Bulls Remain in Control
Published on Aug 2, 2020
by Cointele | Published on Coinage
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