Can Bitcoin Price Get Past $12K­­?

The price of the most famous cryptocurrency in the world, Bitcoin, is once again on an uprise. But, the question is, can it get past the $12K? According to experts, there’s a high possibility for that, because the price of the Bitcoin is showing some rather good signs. For the time being, the Bitcoin price isn’t managing to clear the $12K resistance against the USD. As the stock markets across the globe are still dealing with the unexpected trade war in which the participants were USA and China, the Bitcoin has proved one more time to be a dominant cryptocurrency as it continues to rise, but not above $12k.

bitcoin in dollars 12.000

Right now, the Bitcoin is a haven for traders. Why? Because the global stock market has had its worst time in all 2019. The well-known company, Dow Jones suffered a loss of 1000 points on August 5th, when China responded fiercely to the wart threats made by the current president of the United States of America, Donald Trump. The yuan currency experienced quite a downfall, as China’s legal tender slipped beyond the $7 level, causing a massive capital flow out of yuan. Thre are speculations that a portion of that money flowed in Bitcoin on August 8th.

The Analysis Of The Bitcoin Price

Not long ago, an insignificant downside correction was spotted in the Bitcoin when compared to the USD. These two currencies have traded just below the support of a whopping $11800. Also, recently there was a break somewhere beneath the 100 SMA and $11650. SMA stands for Simple Moving Average. Nevertheless, a strong cryptocurrency for which it is known, Bitcoin came close to the support area of $11500. The important thing is that the Bitcoin price has regained its old glory.

Then, a break happened and it exceeded the 100 simple moving average and also the resistance of $11800. Furthermore. There was also a break which also exceeded the main contracting triangle with the resistance of astonishing $11860 on the hourly chart of the cryptocurrency Bitcoin and the USD. These two have also came to the $12k resistance, but they didn’t pass the limit of $12000. But, not long after the BTC/USD came to $12077.

The price of the Bitcoin traded just beneath the $12K limit wit the addition of the 23.6% Fib retracement level. This happened thanks to the wave between $12077 and $11495. Moreover, there’s a very steady support between 100 SMA and the $11750 level. What’s also interesting, that there was a 50% Fib retracement thanks to $11495 and $12077 wave which helped to make a mighty support which reached the level of almost $11786. Also, the triangle zone, which was broken, can be interpreted as a support to the level of $11750.

The support is close to the level of $11500, and if it goes below, it could easily turn bearish. All in all, if the Bitcoin wants to progress, even more, it has to break the level of $12K, and that way it will be an even more formidable cryptocurrency.

A Frosty Week In The Cryptocurrency World For Alts

It’s fair to say that this week wasn’t a good one for the altcoin in the cryptocurrency universe. A couple of them dumped double digits, which is far from great. The main currency in this Internet-bound market, Bitcoin is still powerful, but that doesn’t go for the somewhat smaller currencies, which have had a major downfall recently. There’s a possibility that they freeze over again soon.

eth

The whole of 2019 has not been a successful year of altcoins. But, they’ve survived the harsh crypto winter which lasted for a while. Seven days ago, the Crypto market grew by an impressive 7%, but the thing is that the altcoin weren’t the ones who could take credit for that. From last week to today, the Bitcoin has risen by over 12% and this currency was the one which is responsible for the exponential growth of the crypto market. Right now, the whole market cap is somewhere around $304 billion, which is quite impressive, because the week before, it was around $284 billion. Bitcoin is quite dominant, as the market share of this cryptocurrency comes at above 71%. Unfortunately, the altcoins are getting weaker by the day.

Today, Ethereum has plummeted by over 5% and below the $215 level. A couple of days, 1 Ethereum was $238, but since then it has fallen for more than 10%. Since this currency is quite weak in technical terms, it could be going below $200 in the next seven days.

Another altcoin is on the verge of collapse, the XRP. This cryptocurrency lost 2% today, and it is now below the regular limit of $0.300, which doesn’t sound good. The Bitcoin Cash was down by 3% this morning and by somewhere around 8% this week. The current value of this cryptocurrency is $325.

The value of Litecoin happens to vary day by day. At the beginning of this week, Litecoin’s value was back at three figures. But, in the next couple of days, the price has fallen by a significant margin. This week, the all-time high was $105. A day after, LTC price plummeted by 17% and today, its value is $87.

The nightmare for altcoins continues as the price of another cryptocurrency, EOS plunges to beneath $4 recording a 6% fall. From the start of this week, this altcoin dropped by 10% in value. EOS earned its reputation as a promising cryptocurrency, but now it seems not as much promising as it used to be. Other cryptocurrencies which can freeze in the winter are NEO, Chainlink and Cosmos. The value of the majority of altcoins seem to fall every minute and they have to rise to survive the harsh crypto winter, which is unforgiving for a weak cryptocurrency.

Not everything is bleak as it seems, as there is one special rising star on the cryptocurrency market. That altcoin is called Binance coin, which has reached a value of $30, which is its all-time high.