Bitcoin hits more than $11,000

28 Jul 2020

Bitcoin’s price reached more than $11,200 on Monday – the first time since 2019.

The move has galvanised the bullish sentiment amongst traders regarding the breakout of Bitcoin. 

Barry Silbert, the CEO of Grayscale and major crypto VC firm DCG, said the “next resistance for Bitcoin is at $13,000.”

Meanwhile, Rafael Schultze-Kraft, the chief technical officer at Glassnode, posted on Twitter a chart that demonstrates low resistance or selling pressure above $10,900. “That could indicate that the recent upsurge was a critical breakout to sustain the momentum of Bitcoin,” said Forbes.

The massive jump of 13% in 48 hours, according to Coin Telegraph, “far exceeds the 50-period and 200-period moving averages. The relative strength index on the hourly chart points to overbought conditions.”

With this current value, Bitcoin has a total market cap of nearly $205.2 billion, which represents approximately 63% of the overall crypto market.

The world’s largest digital currency is up nearly 60% year-to-date and it remains the best-performing asset of the past decade.

On Monday, as Bitcoin began its rally in earnest, Nigel Green, the deVere CEO and high-profile crypto advocate commented: “Bitcoin is currently realising its reputation as a form of digital gold. Up to now, gold has been known as the ultimate safe-haven asset, but Bitcoin  - which shares its key characteristics of being a store of value and scarcity – could potentially knock gold from its long-held position in the future as the world becomes ever-more tech-driven.”

Of the price jump, analysis by CCN notes that: “If Bitcoin’s proponents are correct, the digital currency is about to enter another bullish cycle–one that could end with 10x returns by the end of 2021.”