- A few hours ago, Bitcoin once again broke the $12,000 mark and is drawing further bullish signals.
- Analysts agree that the strong fundamentals point to a further rise in the Bitcoin price.
Currently, Bitcoin is the focus of all investors’ attention as almost all altcoinssuch as Ethereum and XRP are moving sideways. The Bitcoin price, on the other hand, has increased by 4.21% to a price of $12,248 within the last 24 hours. The market capitalization has increased from $218 billion to $226 billion at the time of writing. Bitcoin market dominance has also increased to 60.6%.
Bitcoin Trader and Blockroot founder Josh Rager explains that Bitcoin on the weekly as well as on the monthly chart draws at present a new high. Since January 2018, Bitcoin has not been able to close above the $12,000 mark on the weekly chart. If BTC manages to establish the $12,000 price mark as a new support, pessimistic analysts also turn bullish. Rager states that Bitcoin has shown a pullback of 20% and thus the way is now clear for a strong upward trend.
Both the weekly and monthly charts are working on higher-closes
Bitcoin hasn't had a weekly close above $12,000 since January 2018
Bitcoin had its 20%+ pullback, its time to continue this uptrend 🐂 pic.twitter.com/doemFlFcK2
— Josh Rager 📈 (@Josh_Rager) October 21, 2020
The traditional stock market is currently tending sideways, so Bitcoin was able to break free and is currently drawing a further upward trend. According to the experienced trader “Cheds” this is a strongly bullish sign and could mark a historical milestone. He continues on Twitter that now more and more new investors are entering the market to not miss another possible price increase (= Fear of Missing Out “FOMO).
— Cheds (@BigCheds) October 21, 2020
“il Capo Of Crypto” states that the monetary policy of many central banks worldwide supports the current trend as billions of new fiat money are pumped into the market. In his opinion, the altcoin market will soon follow suit and will also see significant price rises. He sees great potential in Ethereum and the upcoming release of Eth 2.0.
— il Capo Of Crypto (@CryptoCapo_) October 20, 2020
Bitcoin’s price increase was accompanied by record trading volumes on the world’s largest exchanges, Binance and Coinbase. Traders on the Chicago Mercantile Exchange (CME) continue to be bullish as institutional long positions also hit new record highs. According to the latest data, heavyweights in the financial industry are also betting on a further rise in Bitcoin prices.
“Cantering Clark” describes that the Bitcoin price could rise even more in the coming days if the stock market also shows an upward trend. This alleged “tailwind” would give Bitcoin further support and draw new capital into the market.
If equities push higher, $BTC will have insane tailwinds and "permission" to gun upward.
There will be no offers on the book.
— Cantering Clark (@CanteringClark) October 21, 2020
According to SalsaTekila, the 13,000 USD mark is the next important resistance that needs to be broken. Should BTC be able to break this mark in October, the trader even believes in a new all-time high.
New economic package in the USA on the way
The President of the USA, Donald Trump, confirmed already a few days ago on Twitter that he is ready to launch a new stimulus package to stimulate the American economy in the corona crisis. The Dow Jones closed 100 points higher than expected when it became known that Nancy Pelosi was also optimistic about an agreement. Should an agreement be reached, this could also have a positive impact on the Bitcoin price.
Nancy Pelosi couldn’t care less about the American People or the great American Worker. She should approve needed STIMULUS now. Most other Dems agree. Republicans are ready to go, I am ready to sign!!!
— Donald J. Trump (@realDonaldTrump) October 15, 2020