Bitcoin has gone as high as 10.39 percent in the last 24 hours, breaking above the highly-anticipated $10,000 Mark, and now reaching for $11,000.
With other key altcoins like ETH, ADA, LTC, and LINK recording monumental gains, there is no doubt in the crypto community that the top coin is on its way to reaching the next lofty $20,000 mark.
In less than a week, Bitcoin has gained almost $2000 while effortlessly passing through a few resistance levels that it’s been trying to break since the 3rd halving in May. However, the fluctuations back to lower limits seem like Bitcoin will be facing a major resistance at the current milestone mark.
Pundits focusing on technical, fundamental, and sentimental analysis are all in agreement that the stage for the 2020 bull market is set with most of the factors that are accelerating the rally, occurring in the second half of July.
The latest on key factors indicate that traders on BitMEX have liquidated over $80 million in short positions on Bitcoin which account for 97.9% of all short contracts, in the last 24 hours.
Traders Are Taking Profits from “Over-Extended” Altcoins
Data further indicate that traders are selling altcoins to profit from huge percentage gains, as some believe some altcoins are overextended. As BTC spiked, to above $10,000, top altcoins like ETH and several DeFi tokens including LINK and Aave experienced sharp rejections.
The indication means that although traders are excited over the current market activity, past experience has made them more cautious of altcoins and they are moving their profits to buy more BTC. One Twitter user said:
“I think most people have been shaken out of alts thinking BTC breakouts out here. Dumped their bags into BTC top.”
With the recent news of banks moving to custody crypto assets, traders are in a race with institutions to increase their BTC holdings, which have been alleged to be silently buying huge amounts of Bitcoin.
Monumental Weekend for Bitcoin
Some analysts predict that BTC’s break above $10,000 is temporary unless the price goes higher to break the $10,400 resistance and settles at $10,500 which will mark long-term stability.
“$btc must break $10,400 – $10,500 key level, otherwise this leg would turn out to be just another Lower High.”
Meanwhile, Peter Schiff as always is trampling on the BTC bullish sentiment of the crypto community, by saying that Bitcoin’s rally is nonexistent and traders are making excuses for its “failure”. He said:
“It’s laughable reading #Bitcoin pumper’s excuses for Bitcoin’s failure to rally. One “explanation” is that all the institutional buyers entering the market are smoothing out the volatility. Another is that big investors are manipulating the price down so they can accumulate more.”
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