Cryptocurrency

Bitcoin reached a new high for the year to over 11,000 USD

Bitcoin has it created actually. After the long Phase of consolidation, since the Halving in may and the associated low volatility, could currencies of the king of the Crypto in the last few days, again to show what his followers love, among other things. In the process, BTC reached last night, even a new high for the year and through a key trend line breaks goes back until the year 2017. As a result, the Futures market estimate of the probability for a Bitcoin exchange rate of 20,000 USD until the end of the year to 9%. This represents more than a doubling within a very short time. Where is Bitcoin currently and where is the journey going?

Bitcoin climbs overnight on a one-year high

In the night between Monday and Tuesday, Bitcoin has managed to do what many observers and investors for a long time had dreamed of: the Asset has reached a new high for the year and paving the way for a more explosive rally.

In the top of the Bitcoin exchange rate reached late on Monday night, some 11,300 USD, at the time of the writing of the article, but just 10.900 USD 400 USD lower. However, the top price sets a new example on an annual level. The previous high for the year was just under the brand of 10,400 USD, the BTC on Monday with ease broke.

With the recent rally since Sunday Bitcoin also improves its Performance on several time levels of the solid. So BTC is within the last 24 hours almost 6% within in the past 7 days 16% within the last 30 days, 19% and since the beginning of the year almost 52% in the Plus.

With this development, it has the digital Gold chart done technically, the enormous, up to the year 2017 back resistance and the associated trend line to break through. The hopes are high that the former resistance could now act as a support and a correction after the rally of the last few days prevents.

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Bitcoin exchange rate of 20,000 USD until the end of the year?

After the rally and the break of the long-term trend line, the expectations are now high that the upward trend continues. The overall objective of a Bitcoin price of 20,000 USD, so BTC would break its previous all-time high from the year 2017.

Of the current rates, as seen in the corresponds to almost a doubling. It sounds like a lot, but we know how quickly the momentum in Bitcoin can develop. According to the analysis company Skew the Futures market, it estimates the probability for a Bitcoin exchange rate of 20,000 USD until December of this year to 9%. While this does not seem much, has doubled this value, however, since Recently. Exactly a week ago, we reported a value of 4%.

To position your Chance

During the recent Bitcoin rally fits both the fundamental and technical chart developments in BTC itself, you can also find other crucial reasons. As Gold reached a new all-time high at 1.945 USD. Also, the news about a second stimulus package in the United States have had a positive effect on the financial markets.

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About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.

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