Bitcoin burst through $12,480, carrying the broader cryptocurrency market to a $380 billion valuation—marking the first time the sector had reached this level in over a year. Two weeks of consolidati
Bitcoin burst through $12,480, carrying the broader cryptocurrency market to a $380 billion valuation—marking the first time the sector had reached this level in over a year.
Two weeks of consolidation between $11,000 and $12,000 ended yesterday afternoon. Buyers poured in, pushing BTC/USD to a peak of $12,485—its highest point of 2020. The surge carried Bitcoin well past $12,400 on a wave of volume. Intraday trading volume jumped from $20 billion to $28.5 billion.
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William Purdy from PurdyAlerts sees Bitcoin testing higher levels given the activity in derivatives markets. The options trader reviewed open interest across Bitcoin futures and identified targets at $12,000, $13,000, $14,100 and $16,000, which he shared with Coindesk. Purdy expects each level to serve as support or resistance for bulls.
Bitcoin pulled back to around $12,335 during Asian trading but the bulls maintained control. If Bitcoin breaks back above $12,500, the psychological $13,000 level comes into play.
The technical picture supports the bulls. Both RSI and MACD show bullish divergence, and Bitcoin is trading above its 20-day and 50-day moving averages, suggesting the momentum should continue.
The broader crypto market has kept pace, with total capitalization reaching a 14-month high matching levels last seen in June 2019. The $380 billion valuation was last achieved in May 2018.
MiningPool content is intended for information and educational purposes only and does not constitute financial, investment, or legal advice.
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