Bitcoin takes a giant leap towards $14,000
Today Bitcoin futures took another step toward reaching the highs of 2019 highs today with BTC futures posting a $550 (4.6%) gain currently trading at $12,485. BTC’s intra-day high today of $12,635 was a price point that we have rarely seen even during the 2019 run up.
On June 26th 2019 BTC hit its highest price point since it bottomed after the launch of futures. Bitcoin futures would reach $14,115 after closing nearly $3,000 dollars lower the previous day. This clearly illustrates the fact that the rally of 2019 was sketchy and volatile, nothing like the current rally which has been steady since March 13th.
Not only are we at a price only touched upon a total of five times in 2019, so we are basically at a comparable level to last year’s all-time highs and doing so without jerky volatile action.
Perhaps the biggest level we have taken out since we broke above the descending top for the first time on July 27th occurred today when we effectively broke above the 23% retracement level from 2019’s apex. This level comes in at $11,900 and was resistance all last week.
The clear and utter break above this retracement level signals that $14,000 Bitcoin is almost a certainty in the next few weeks, and the steadier the ascent the better. In all actuality $14,000 is no longer the golden egg and we could see BTC challenge all-time highs, yes all-time highs in the coming months.