Bitcoin is fighting the 12 000 USD resistance
The world’s largest cryptocurrency Bitcoin got over 12 000 USD twice in the last few days. It was not able to stay there for much longer than a few minutes though.
Bitcoin(₿) is a cryptocurrency invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto and started in 2009, when its implementation was released as an open-source software. It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. /source wiki/
Current market overview
Bitcoin saw a strong performance towards the end of July. There can be various reasons leading towards this state although the most probable is a combination of multiple causes such as poor performance of the US dollar, protection against possible inflation caused by announced “printing of new money” or simple FOMO, “fear of missing out”. It is because bitcoin and cryptocurrencies in general have tendencies to rapidly accelerate price movement and even small change can cause rapid spree of selling or buying (Best example would be famous winter of 2017/2018).
Even though the Bitcoin experienced quite a drop as the Coronavirus hit in the middle of the march 2020, It was slowly rebuilding it positions. Multiple enterprises, funds and famous investors openly endorsed bitcoin and it was slowly but steadily gaining momentum.
This growth culminated when the world’s largest cryptocurrency got over 12 000 USD twice over the course of the last few days. It was not able to stay there for much longer than a few minutes though. Everytime it got over the resistance it was followed by a drop. The first one quite big, over 1400 USD. The second time it went over 12 000 USD was on Sunday around 10:20 UTC. Butit fell shortly after by nearly 500 USD.
Chart: Daily chart of Bitcoin (Source: Metatrader 4 PurpleTrading)