After months of tension, the Bitcoin price is eventually climbing like a rocket. Most of the cryptocurrencies are also performing well. The second most popular cryptocurrency in the world, Ethereum has cracked a $395 mark and is also climbing like crazy. The BTC price is in the bull market as it has touched $11,862.83 (+2.92%). Let’s see more about this in detail.
BTC Price Analysis: Bitcoin Price has a clear path to $12,500?
From the past few days, the Bitcoin price is displaying the bullish momentum. If you closely analyze then you will find that this bullish momentum is very strong but a strong concentration is still required. At the time of writing, the price is hovering around the $ 11,900 mark, and it could soon reach the $12,000 mark.
As mentioned in our previous Bitcoin Price analysis, the BTC price has been in an uptrend from the past few days but has not strengthened just yet. This could not be essentially critical as the breakout above $10,500 was remarkably significant. The important thing to remember here is that Bitcoin is growing very bullish in 2020 and looks stable in the medium to long term. However, traders can only expect another bull run if the price breaks the golden ratio at $13,800 but before that, the price should touch $12,400. The key metrics are as follows:
Price $11,891.03
24hr Change +3.16%
24hr Vol $2,439,100,635
Marketcap $219,561,966,678
Circulating Supply ฿18,456,099
Max Supply ฿21,000,000
BTC Price Analysis: The Bitcoin Price and the long-term bullish?
Over the past 30 days, the Bitcoin price performance (ROI) vs USD is quite impressive. The ROI has increased by almost 28% and ignoring the current price movement for BTC, where is the major digital asset headed to next? The daily chart continues to be bullish even after the rejection and bulls were able to use the 12-EMA to bounce back up. The daily uptrend could remain intact unless the bears can drop the BTC price below $11,200.
If you closely observe the price chart then Bitcoin could be heavily bullish on the weekly chart as it is in a strong uptrend and way above both EMAs which are intersected bullishly. BTC price is also witnessing a notable rise in trading volume and the RSI is not yet overextended.
Conclusion
Still, there could be a possibility that the BTC price could touch $12,500 after touching $12,000 as it is displaying the strong bullish momentum. The range between Bitcoin’s lowest and highest trading prices over the last 24 hours is $11,458.09 – $12,089.83. This could build more trust in the bullish market further climbing Bitcoin price to $12,500. We wish you happy trading!
