Bitcoin, for the first time in the year, seems so bullish as the price value has claimed $15,300 over many cryptocurrency exchanges in an overnight bullish rally.
After reaching above $15,000, it has witnessed the highest position since January 2018, but it needs a little more push from bulls to overturn an all-time high value of $20,000. However, after flipping above $15k for some time, it again went down on the normal price of the past few days.
Next Resistance Level: $15,700
Various crypto experts and analysts share their opinions over the latest bullish rally on the part of the world’s leading digital asset. A crypto analyst poses a scenario and predicts Bitcoin to reach $15,700, which is a resistance level that may block the pathways towards $20,000. “Next resistance level is around $15,700, a monthly close above $16,000 would be insane to see,” he says.
According to BitBull Capital CEO Joe DiPasquale, there are bullish sentiments in the crypto markets, which are responsible for the latest bull run of Bitcoin above $15,000.
Variable Affecting BTC Price
There are certain variables around the world that may affect the price value of the primary cryptocurrency. First, most of the European countries are thinking about imposing lockdowns due to increasing Coronavirus cases. Second, the results have not yet been confirmed over the US presidential election, which has weakened the US dollar to a great extent.
After it claims $15k, most of the crypto personalities have an eye towards $20,000. “Bitcoin continues to grind ever so higher and, while calls for a re-test of the all-time high continue to grow ever so louder,” said Denis Vinokourov, head of research at crypto company Bequant.
According to the on-chain analytics firm Glassnode, the numbers of investors have increased which are willing to invest over the top digital asset. The research firm indicates the accumulation of big investors’ addresses in the markets.
At press time, Bitcoin is exchanging hands at $14,910 after surging 5.29% over the day. Bitcoin’s dominance reaches 65.13% which is the highest position over the last four months.