Bitcoin Blasts Through Barriers Aplenty

Cryptocurrency, Asset, Electronic Payment, Payment

Image Source: Pixabay

In traditional markets, the S&P 500 remained steady throughout the week, finishing on 3,722. In Europe, the STOXX 600 rose marginally, finishing the week on 395. And here in the UK, it was a different story, with ongoing Brexit negotiations and the uncertainty surrounding No Deal sending jitters through the FTSE All-Share; it finished the week on 3,685. 

In crypto markets, there was a little more movement. Bitcoin flew to an all-time high of $23,586. Some altcoins also experienced positive movement, with Ethereum hitting a 7-day high of $673 and Litecoin remaining solidly above the $100 level. 

Simon Peters

Bitcoin blasts through barriers aplenty

I’ve mentioned previously that I could see us breaking $20,000 before the end of the year. That has now come to pass, and in quite extraordinary fashion, bitcoin flying through $20,000, $22,000, and then $23,000 in just 24 hours. We are now hovering around the $24,000 level following a further price move over the weekend.

Despite a large number of sell orders on exchange order books at the $20,000 level, bitcoin still flew through what was previously a significant resistance barrier. I wouldn’t have been surprised if the price had hung around $20,000 for longer but the bullish trend was clearly snowballing. Bitcoin didn’t even stop to say hello to $20,000 as it headed straight to $23,000. 

We saw a record trading day on eToro last Thursday in terms of the number of people holding bitcoin, which is now up 30% from the start of the year. Also on Thursday, for the first time in 5 days, there were more positions opened than closed, indicating that the market sentiment is now becoming more bullish than at the start of the week.

Now we’ve set a new all-time high, we’re in price discovery mode, who knows how far the price can still go before the close of the year. With that said, and given the price increase we saw last week, a period of consolidation could be beneficial to bitcoin price, allowing things to stabilise and cool down before another potential price movement higher. 

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Disclaimer: This article should not be taken as investment advice, personal recommendation, or an offer of, or solicitation to buy or sell, any financial instruments. This material has been ...

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