Bitcoin Blows Past $12,300 But Then Dropped, Experts Say BTC Must Stay Above $12k To Be Bullish

BTC Dominance nearing 70%, this is “bad news” for the majority of the altcoins.

  • 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.

However, in a sudden downward move, BTC lost more than $300 under 15 minutes. At the time of writing, Bitcoin has been trading around $11,800, with 24 hours loss of 0.11%.

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 price jumps to $12,325, Source: TradingView

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.

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.

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.

A close below $10,800, he says would indicate that breakout we saw yesterday was a blow off the top.

Bitcoin (BTC) Live Price

1 BTC/USD =$17,314.4276 change ~ -10.05%

Coin Market Cap

$320.93 Billion

24 Hour Volume

$16.59 Billion

24 Hour VWAP

$18.15 K

24 Hour Change

$-1,740.6981

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AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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