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Bitcoin Breaches USD 16,000 For The First Time Since January 2018

Bitcoin Breaches USD 16,000 For The First Time Since January 2018 101
Source: Adobe/grejak

Today, the most popular cryptocurrency, bitcoin (BTC), surpassed the USD 16,000 level for the first time since January 2018, getting closer to its all-time high of USD 20,000.

BTC was above USD 16,000 for around half an hour before correcting lower. At pixel time (10:39 UTC), BTC trades at USD 15,923 and is up by 3% in a day and 10% in a week. The price jumped by 41% in a month and 83% in a year.

It took a week for BTC to increase from USD 15,000 to USD 16,000. Other major coins are almost unchanged today.

BTC price chart:

Bitcoin Breaches USD 16,000 For The First Time Since January 2018 102
Source: coinpaprika.com

As reported last week, according to Northman Trader founder Sven Henrich, as long as BTC can remain above the breakout trend line it has “significant technical room higher.”

Bitcoin Breaches USD 16,000 For The First Time Since January 2018 103

“Also note BTC is showing some retracement action and has room lower for a potential retest of the trend line. But note that inside the larger wedge consolidation a potentially much more bullish pattern has emerged, that of a potential inverse which would point to near [USD] 17,000,” he said.

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2020-11-12 10:45:00

Linas Kmieliauskas

Cryptonews

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