Bitcoin
BTC$65 236.35

3.83%

Ethereum
ETH$3 483.12

3.19%

Tether
USDT$1.000616

0.04%

Binance Coin
BNB$579.07

3.20%

Solana
SOL$162.09

5.20%

XRP
XRP$0.615935

14.09%

Bitcoin Hits $11.6K for First Time in a Year as Traders Expect $15K


01 Aug 2020

#Bitcoin

The price of Bitcoin has surpassed $11,600 for the first time in 12 months as traders say that there is a lot of open range between $11,600 and $15,000.

The price of Bitcoin (BTC) has surpassed $11,600 for the first time in 12 months buoyed by rising market sentiment. As BTC/USD demonstrates strong momentum, investors believe there is little resistance until $15,000.

Bitcoin rose to as high as $11,763 on BitMEX in a sudden weekend price move. It also “filled” the CME futures gap at around $11,630, which typically does not happen during the weekend.

Little resistance between $12,000 and $15,000


Meanwhile, Kyle Davis, the co-founder of Three Arrows Capital, suggests that the weekend price action has not even started. He notes that there is less resistance between $12,000 and $15,000. Davis said:

“What’s crazy is the weekend move hasn’t even started yet.  How much resistance is there at $12-15k?”

The weekly chart of Bitcoin shows that historically, there is a lack of price action between $12,000 and $15,000. The last time BTC surpassed $11,600 was in mid-2019 when it surged to a multi-year high of $14,000 before rejecting.

Also worth noting is that the price of Bitcoin soared to an all-time high in 2017 within two weeks after hitting $11,600.

According to Michael van de Poppe, the market structure of Bitcoin would remain compelling if it holds $11,400. Stability above the $11,400 level would show that it has turned into a support level. Van de Poppe said:

“Yep, $11,200 broke and flipped support -> $11,500-11,700 test and CME gap closed. One sidenote; EUR/USD is correcting. I do believe Gold, Silver & $BTC will do the same. Crucial threshold? Holding $11,400.”

What’s behind the Bitcoin rally?


At the same time, data from Skew shows less than $20 million worth of futures contracts were liquidated on this Bitcoin uptick. When the BTC price movement is driven by the futures market, it often leads to heightened levels of liquidations.

The lackluster amount of liquidations in the futures market suggests that it is likely the spot and options market catalyzing the rally. If the Bitcoin futures market is less heated, it leads to a more stable and fundamentally strong bull cycle, which some prominent analysts argue is now starting.

At a higher time frame, a pseudonymous trader known as “Rookie” said the monthly candles of Bitcoin and Ethereum mark a bullish trend. The confluence of a favorable macro market structure and a neutral futures market could maintain BTC’s momentum. The trader said:

“Both BTC and ETH monthly candles have essentially closed at their highest points of the month. NO upper wick. This is bullish.”

In the near-term, the biggest obstacle of Bitcoin is whether it can defend the major $11,400 level as a support area. Traders generally remain positive as BTC begins to break out and outperform alternative cryptocurrencies.

Source


Related

NordFX Copy Trading: A Comprehensive Guide to Maximizing Profits
NordFX Copy Trading: A Comprehensive Guide to Maximizing Profits
Tips to Choose the Right Second Citizenship Program
Tips to Choose the Right Second Citizenship Program
Bitcoin’s continued slide down
Bitcoin’s continued slide down
A new round of crypto market mistrust
A new round of crypto market mistrust
Bitcoin holds its range, but pressure mounts
Bitcoin holds its range, but pressure mounts
Bitcoin unlikely to end correction
Bitcoin unlikely to end correction
Bitcoin looks set to take a severe dive
Bitcoin looks set to take a severe dive
Bitcoin set for a deeper correction
Bitcoin set for a deeper correction
Bitcoin falls under pressure
Bitcoin falls under pressure

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 74.8% 44 $65 236.35 3.83% 11.07% $1 286 904 144 589 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 76.4% 50 $3 483.12 3.19% 12.82% $418 745 103 273 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94.8% 1 $1.000616 0.04% 0.05% $113 294 326 133 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 78.8% 43 $579.07 3.20% 11.00% $85 460 275 696 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 80.8% 36 $162.09 5.20% 12.68% $75 238 706 990 SOL 7 days price change
6 XRP (XRP) XRP XRP predictions 77.2% 41 $0.615935 14.09% 40.49% $34 372 438 638 XRP 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 95.6% 1 $1.000157 0.03% 0.01% $33 991 611 940 USDC 7 days price change
8 Toncoin (TON) TON Toncoin predictions 88.4% 14 $7.27 -1.31% -1.07% $18 273 152 177 TON 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 70.8% 54 $0.125525 4.26% 14.92% $18 220 028 521 DOGE 7 days price change
10 Cardano (ADA) ADA Cardano predictions 78.8% 37 $0.446359 3.82% 16.01% $16 018 056 181 ADA 7 days price change
11 TRON (TRX) TRX TRON predictions 74.8% 44 $0.134539 0.93% 3.58% $11 719 593 309 TRX 7 days price change
12 SHIBA INU (SHIB) SHIB SHIBA INU predictions 80.8% 36 $0.000019 3.17% 15.78% $11 356 605 188 SHIB 7 days price change
13 Avalanche (AVAX) AVAX Avalanche predictions 78% 42 $28.72 6.68% 7.40% $11 336 759 087 AVAX 7 days price change
14 Lido stETH (STETH) STETH Lido stETH predictions 94.4% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 92% 1 $0.116354 -0.46% 0.23% $10 171 995 609 WTRX 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2024 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.