Home Bitcoin Bitcoin Price Rallies Towards $13,000 In Sudden 11% Surge

Bitcoin Price Rallies Towards $13,000 In Sudden 11% Surge

6 min read

Just yesterday the Bitcoin value sentiment was beginning to flip bearish as markets started to chill off. Many of the highest analysts on crypto twitter had hinted at additional losses as BTC posted decrease highs. Today it has surged again in an epic 11% pump again in the direction of $13,000.

Bitcoin Price Bears Bashed Again

BTC had been consolidating round $11,500 since recovering from its dip into 4 figures early final week. That vary certain motion lastly broke throughout early Asian buying and selling this morning when Bitcoin value broke by way of resistance and traded north of $12,000.

The king of crypto didn’t keep there and made a giant push as much as a brand new 13 day excessive of $12,880 in keeping with Tradingview. It is the very best value Bitcoin has attained since June 27 when it slid down from that peak simply $900 greater.

BTC value 1 hour chart – Tradingview.com

A brand new 2019 excessive may very well be imminent if Bitcoin value can shut above the earlier two every day candles at $12,950. Trader and analyst Josh Rager, who mentioned yesterday’s weekly close was bearish, has modified his tune at this time as BTC continues to defy the markets.

“With lower-highs on the 4 hr chart, I’d look to lean bearish as we start the week”

“Fool me once, shame on you… Fool me twice, shame on me. No way was I shorting Bitcoin after a close under the resistance again. Not much stopping this train, just minor daily & weekly resistance left until new yearly highs.”

Altcoin Annihilation

Rager continued to touch upon Bitcoin dominance which was approaching 67% on the time of writing.

“Bitcoin Dominance on its way above 66%. This is why you always keep a healthy percentage of your portfolio in Bitcoin especially in a bull market.”

It is the highest market share Bitcoin has had since December 2017 and people predominantly holding altcoins shall be in a world of ache in the intervening time. Of the $26 billion that has entered the crypto markets over the previous 24 hours, BTC is liable for nearly 85% of it.

The high three crypto belongings after Bitcoin haven’t even gained three % every. Even Litecoin, which is halving in simply 27 days, has solely managed a blip to get above $123. There are a quantity within the crimson in the intervening time together with BNB, TRX, ADA, XMR, LEO, LINK and ATOM.

Many of these interviewed on the Taipei Blockchain occasion (hyperlink to Taipei article) have been assured that altcoins would rally once more quickly however in the intervening time they’re getting buried by their huge brother. A brand new 2019 excessive may very well be imminent for BTC this week and after at this time’s transfer, all eyes are on $14,000.

Will Bitcoin value break resistance to hit a brand new yearly excessive? Add your ideas beneath.

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