Starting today we are going to publish a daily chart of the financial markets that speaks for itself. How could it be otherwise, we are going to start with Bitcoin, which at the time of writing is trying to challenge US $ 12,000.
On August 2, Bitcoin reached its annual maximum at 12k, to then be violently rejected up to US $ 10,950. At the time of writing, it is trading at $ 11,815, according to online broker SimpleFX.
Ever since the Coronavirus pandemic raged, Bitcoin has clearly served as a store of value asset. Will this trend continue in the remainder of 2020?
Is Bitcoin going to challenge $ 12,000 in today’s session?
In the last 24 hours, Bitcoin has been trending upward, slowly approaching the key barrier of $ 12,000. If there is no negative news in the crypto market, this Friday, or no later than Saturday the BTC could challenge the annual high again.
In the graph below it can be clearly seen how Bitcoin is slowly trying to reach the key resistance of $ 12,000. In case of exceeding it, it can give impulse to strong purchases, being the next level to beat $ 13,800, 2019 annual maximum.
Various sources consulted predict that if the price of Bitcoin manages to consolidate above US $ 12,000, it would have a clear path to seek its historical maximum of US $ 20,000, recorded back in December 2017.
Yesterday, the co-founder of the Gemini exchange, Tyler Winklevoss, has declared that the crypto winter of Bitcoin is over, after 2 years of duration. News like this encourages betting on the crypto market, especially Bitcoin.
Personally, I think the most important incentive for Bitcoin to reach new highs is the confidence that large investors have placed in BTC as a store of value.
To finish, I ask you: Do you think that Bitcoin can exceed $ 12,000 this Friday? Let us know your thoughts in the comment box.