After securing a strong daily close, the Bitcoin (BTC) price continued to rise to $ 12,000 in the past hour.
Daily price chart of the crypto market. Source: Coin360
Crossing the $ 11.500- $ 11.800 range was the most significant result of last week’s bulls and a number of analysts noted that above the $ 12.000 level there is little environmental resistance.
This led some traders to anticipate a rapid move from $ 1
In a previous analysis, Cointelegraph collaborator Micheal van de Poppe said that:
“The $ 11.500-11.800 resistance area is an ancient and substantial area in the charts. Not only did this level serve as resistance throughout the summer of 2019, it also acted as resistance during the December 2017 peak craze. “
Bitcoin daily price chart. Source: Coin360
The latter move to $ 12,000 has crossed this “ancient” range and according to van de Poppe once “the price of Bitcoin exceeds this area, so there is a lot of open range above and a new bull market will be on us” .
The price of Ethereum reaches a maximum of 2 years
As the Bitcoin price moved to a new 2020 high, the Ether (ETH) price rose to a 2 year high at $ 399 on the Binance exchange.
Since July 18, Ether has seen a rise of more than 70% and analysts believe that altcoin could see a further rise as the DeFi sector continues to grow, Bitcoin will rise again and the ETH 2.0 update is expected to happen soon.
Ethereum daily price chart. Source: Coin360
Many of the top 20 altcoins also made significant gains while Bitcoin and Ether moved to 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 capitalization of the cryptocurrency market now stands at $ 357.3 billion. The bitcoin dominance index is currently at 61.3%.