After obtaining a strong daily closing price, the Bitcoin (BTC) price continued to rise, rising to $12,000 in the last hour.
Daily price chart of the cryptocurrency market. Source: Coin360
Breaking the $11,500-$11,800 range was the most important achievement for the bulls last week. Many analysts pointed out that there is almost no upside resistance above $1
This has led some traders to predict that the price will quickly rise to $14,000-15,000.
In previous analysis, Cointelegraph contributor Micheal van de Poppe said:
“The resistance of $11,500-11,800 is an old and important area on the chart. Not only did this level remain resistance throughout the summer of 2019, it also served as resistance during the peak of the mania in December 2017.”
Bitcoin daily price chart. Source: Coin360
Van de Poppe said that the recent breakthrough to $12,000 broke this “old” range, “Once the price of Bitcoin breaks through this area, there will be many open ranges above it, and a new bull market is coming.”
Ethereum price hit a two-year high
As the price of Bitcoin rose to a new high in 2020, on the Binance Exchange, the price of Ether (ETH) rose to a 2-year high, reaching $399.
Since July 18, Ether has risen by more than 70%. Analysts believe that as the DeFi sector continues to grow, the rise of Bitcoin and the upgrade of ETH 2.0 are expected to happen soon, and altcoins may rise further.
Ethereum daily price chart. Source: Coin360
As Bitcoin and Ethereum rise to new highs in 2020, many of the top 20 altcoins have also achieved impressive gains. XRP is up 19.7%, Stellar Lumens (XLM) is up 13.25%, and Dogecoin (DOGE) is up 12.93%.
According to data from CoinMarketCap, the current market value of the entire cryptocurrency reaches 357.3 billion US dollars. Bitcoin’s dominant index is currently 61.3%.