After securing a strong daily close, the price of Bitcoin (BTC) continued to climb, hitting $ 12,000 in the last hour.
Crypto Market Daily Price Chart. Source: Coin360
The crossing of the $ 11,500 to $ 11,800 range was the bulls most important achievement of the past week and a number of analysts have noted that above the $ 12,000 level there is little resistance to overhead.
This has led some traders to forecast a rapid jump to the $ 14,000 to $ 15,000 level.
In a previous analysis, Cointelegraph contributor Micheal van de Poppe said that:
“The resistance zone of $ 11,500 to $ 11,800 is an old and important area on the charts. Not only did this level act as resistance throughout the summer of 2019, but it also acted as resistance during the mania peak in December 2017. ”
Bitcoin daily price chart. Source: Coin360
This most recent move to $ 12,000 has broken through this “old” range and, according to van de Poppe, once “the price of Bitcoin crosses this zone, there is a lot of open range above and a new bull market will be on our doorstep. “
Ethereum price hits 2-year high
As the price of Bitcoin hit a new high in 2020, the price of Ether (ETH) hit a 2-year high of $ 399 on Binance Exchange.
Since July 18, Ether has risen by more than 70% and analysts believe altcoin could see more on the upside as the DeFi sector continues to grow, Bitcoin rises, and the upgrade of l ‘ETH 2.0 should take place soon.
Ethereum Daily Price Table. Source: Coin360
Many of the top 20 altcoins also saw impressive gains as Bitcoin and Ether hit new highs in 2020. XRP rose 19.7%, Stellar Lumens (XLM) gained 13.25% and Dogecoin (DOGE) added 12.93%.
According to CoinMarketCap, the overall cryptocurrency market capitalization now stands at $ 357.3 billion. Bitcoin’s Dominance Index is currently 61.3%.
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