Bitcoin breaks above another key level - $14,000 here we come
Last Monday, July 27th BTC futures broke above $10,500 for the first time this year. The level of $10,500 has held historical résistance and was effectively a ceiling for the entire first half of 2020. Since breaching this price point with a 13% gain last Monday BTC futures have been consolidating from approximately $11,000 - $11,500 for the last 5 trading sessions holding on to the vast gains seen last Monday and overall looking very bullish.
However, there was one last major hurtle before Bitcoin futures had a straight and clear path to 2019 highs and beyond. This hurtle was the 50% retracement point from BTC’s all-time highs to its all-time lows, sitting at $11,570.
Today’s 4.5% gain in Bitcoin futures took the CME’s contract up $500 and now squarely past the all-time 50% retracement, currently trading at $11,890. This remarkable performance over the past week and a half has put Bitcoin futures back in the hands of the bulls and no resistance is on the charts for the next $2,000. If BTC can hold this advance as strongly as it did with last Monday’s then expect to see Bitcoin fly to $13,500 by the end of next week.