Digital currency markets have seen some decent gains this week, as the overall market valuation of all 7,000+ crypto assets is hovering above the $446 billion mark. Traders also watched the price of bitcoin jump above the $16k zone on Thursday for the first time since 2018.
Market Update: Bitcoin Spikes Over $16K, RSI Levels Warm Up, Price Retracts for Another Attempt
This article was published more than a year ago. Some information may no longer be current.
WRITTEN BY
SHARE
- Bitcoin and a number of other crypto-assets have been climbing northbound in price on Thursday, November 12, 2020. At the time of publication, the entire crypto-economy is up over 2% and valued at $446 billion today.
- During the early morning trading sessions on Thursday, bitcoin ( BTC) touched a high of $16,177 on Bitstamp. The last time the price of bitcoin was in this range was on January 6, 2018. BTC’s price has retracted since it touched the 2020 price high.
- Crypto analyst Willy Woo detailed on November 11, that Bitcoin’s relative strength index ( RSI) is starting to warm up. While showing a chart on Twitter, Woo tweeted: “Green circle denotes where we are in this macro-cycle. Start of the main bull run (in case it isn’t already obvious). BTC’s on-chain Relative Strength Index is just warming up. Red verticals are the halvenings, providing the bullish supply shock impulse.”
- Bitcoin ( BTC) is up more than 80.98% year-to-date against the U.S. dollar and during the last 90 days, the asset is up 35% against USD. 30-day charts show BTC has gained more than 39% during the last four weeks as well.
- Some traders believe the second round of Covid-19 outbreaks may push the price toward retracement. The crypto trader @Chase_nl explained his prediction to his 18,000 Twitter followers on November 11. “As euphoria sweeps CT ( crypto Twitter), Covid’s second wave is sweeping the world,” Chase tweeted. “Will Fed intervention keep everything afloat? Probably. But pandemic + weekly resistance = reduce risk for me. As said, I sold off some spot bitcoin at $15750. Today, some ETH at $472,” the trader added.
- In a Messari research note, the firm shows that bitcoin ( BTC) has outperformed gold, stocks, cash, and bonds this year as far as risk-adjusted returns are concerned. Messari leveraged the “ Bitcoin Sharpe Ratio,” in order to inspect the crypto asset’s performance.
- If BTC consolidates above the $16k handle some traders expect a “real crash” after that point in time. “Alright, the new gameplan is we’re going to perform an elaborate upwards chop that rekts ltf traders,” the crypto trader @Lomahcrypto explained on Twitter. “Push it past the general consensus bullish target say.. $16,400-16,700, then we have our first real crash that reminds everyone of the destructive nature of BTC even in a bull market.”
- At the time of publication, bitcoin ( BTC) is still attempting to surpass the $16k region again and is trading in the range of $15,750 to $15,950 during the last two hours.
- Ethereum ( ETH) is swapping for $461 per unit, while bitcoin cash ( BCH) is trading for $257 at the time of writing. The BCH community is expecting a fork in three days’ time on November 15, 2020.
- At 9:05 a.m. (EST), the price of Bitcoin ( BTC) jumped over the $16k handle again and the crypto asset is currently trading for $16,070 per unit.
What do you think about the current crypto market action on Thursday? Let us know what you think about this subject in the comments section below.
