Bitcoin breaks through $11,000 – The price rises 20% in a week

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Last Updated on 28 July 2020 by CryptoTips.eu

After months of swinging between $9,000 and $10,000, the price of Bitcoin broke through $10,000 on Sunday. Many wondered when the $11,000 level will be reached and a new bull run could be started. The answer came less than 24 hours later.

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Technical analysts are positive

At the time of writing, Bitcoin is just under $11,000, at $10,884 to be exact, but the upward trend of the most famous crypto cannot be missed.

According to Billy Bambrough, Fortune journalist responsible for Crypto, Bitcoin is now on its way to $12,000.

After Bitcoin consolidated between $9,000 and $10,000 for months since the May 2020 halving, some already thought that $10,000 was the ultimate goal for 2020. However, when it turned out that classic investors had been investing in Bitcoin in recent weeks every time the currency approached $9,000, technical analysts knew a new rally was possible. Forbes, Bloomberg and Fortune had articles pointing to a possible new bull run. We also pointed to that possibility yesterday.

Bitcoin proved the underlying positivism in the market and broke through the $11,000 level 24 hours after it went through the $10,000 level, with a highest price around $11,394 on some trading platforms. This means a new all-time high for 2020.

Well-known technical analysts are suddenly blazing with enthusiasm.

Barry Silbert, CEO of the investment firm Grayscale which was one of the first on Wall Street to start investing in Bitcoin, said the next resistance for the currency is now around $13,000.

Others openly questioned whether the term resistance was still valid for Bitcoin at this time.

Ethereum $330

Ethereum also went along with Bitcoin’s upward trend, which actually hiked up most altcoins as well. Ethereum recorded its highest point in the last 24 hours at around $330. Although it seems that all altcoins are in the green, they score negative relative to BTC. This means that as an altcoin holder you have (probably) lost value on the total BTC value of your holding.