Bitcoin Blows Past $12,300 But Then Dropped, Experts Say BTC Must Stay Above $12k To Be Bullish
- In early 2018, BTC dominance was at 35% which may “never happen again”
- Trader bullish on a close above $12,000 and bearish on $11,500
Bitcoin is not showing any sign of stopping any time soon. We are back on the move and continues to breach a new target.
Since we started this month, Bitcoin has been enjoying a bull rally. First, we went into five digits, crossing $10,000 mark and then on Monday, BTC surpassed $11,500. Today, we jumped as high as $12,325.
The trading volume meanwhile, has been on the rise ever since prices started rising. As per Messari, BTC is managing the daily trading volume of $2.14 billion.
Bitcoin Has More Room To Grow
Yesterday, Bitcoin briefly broke the 70% dominance, the highest since we hit an all-time high at $20,000 in December 2017.
#Bitcoin dominance 68.2% – heading to 80% – as alts die in favor of BTC. The 2014-2017 era of alts and hard forks is dead. Don’t be the last to rotate out of alts into BTC.
— Max Keiser, tweet poet. (@maxkeiser) August 6, 2019
This investor and trader Josh Rager says this is “bad news” for the majority of the altcoins. Though some will go up in USD, a majority are being outperformed by BTC.
In early 2018, BTC dominance was at 35% but with ICO/altcoins bubble behind us, Rager says this may never happen again.”
This uptrend is triggered by China yuan losing its important psychological level of 7 in a decade.
As we reported, billions of dollars are now moving out of China, with gold already rising in value. Bitcoin is another asset that investors are fleeing into.
This means the flagship cryptocurrency has more room to grow.
— Jonny Moe (@JonnyMoeTrades) August 5, 2019
Analyst And Traders Turn Bullish
Before Bitcoin started soaring around the weekend, analysts and traders have been calling for a retracement to as low as $7,000.
But now, this strong uptrend has the directions changed and turning them bullish.
Trader Credible Crypto says this last push up has been “anything but bullish” that saw volume increasing, downward TL broken, and 1.618 extension hit, that invalidates his “regular flat” correction at $11,690. This has him leaning to bullish now.
Trader Hsaka, however, is bullish on a close above $12,000 which BTC price has breached on numerous occasions but hasn’t managed to close above for quite a while.
A close below $11,500 will turn Hsaka bearish.
Meanwhile, analyst and trader Benjamin Blunts says Bitcoin is finding resistance around $12,000 and here he is watching if BTC retest the breakout zone or close below it.
amount of time we are spending up this high has got me in 2 minds right now.
— 🍄🌲Benjamin Blunts🌲🍄 (@SmartContracter) August 6, 2019
A close below $10,800, he says would indicate that breakout we saw yesterday was a blow off the top.