Home Crypto News Bitcoin price near $16,000 on strong bullish momentum

Bitcoin price near $16,000 on strong bullish momentum

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Bitcoin touched highs of $15,968 and appears locked for one more excessive on the weekly shut

Bitcoin has steadily elevated its worth towards the US greenback, leaping above $15,000 to hit a excessive of $15,968 prior to now 24 hours.

The spectacular rally comes regardless of the uncertainty surrounding the 2020 US presidential election.  Vote counting reveals that Joe Biden is headed for victory towards the incumbent Donald Trump, who has alleged voter fraud in key battleground states.

But Wall Street is rallying forward of what analysts say can be a break up US Congress. According to Reuters, this can doubtless curb any extreme authorities borrowing, an final result that would see the necessity for a fair greater cash printing scheme.

The Dow Jones Industrial Average and the S&P 500 each climbed almost 2% to settle at 28,390 factors and 3,510 factors respectively. Bitcoin surged greater than 12% prior to now 24 hours.

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BTC/USD strong above $15,500

Bitcoin has touched highs of $15,968 in early Asian buying and selling this Friday, coming so near breaching the $16,000 degree. By all accounts, it’s trying like a superb day for BTC/USD because the price hovers above $15,700. This week, Bitcoin is up greater than 17%, including roughly $2,000 to its worth towards the US greenback.

According to on-chain information evaluation platform Skew Analytics, the chance that BTC/USD crosses the $20okay mark by December 31, 2020, is 14% at present price ranges. Notably, only a month or so in the past, the chances of a run to the 2017 excessive taking place this yr have been almost 80% off.

Chart displaying the chance of BTC/USD attending to $20,000 by the tip of 2020. Source: Skew Analytics

From a technical perspective, Bitcoin appears overextended with the RSI pointing north of 80.00. However, curiosity within the asset is displaying little indicators of wavering with entities holding 100-1000 cash growing their holdings to 13,990 distinctive addresses.

It is that this elevated buy-side strain that originally noticed BTC/USD break above a weekly vary capped by the $12,000 resistance degree earlier final month. As might be noticed within the weekly chart beneath, the cryptocurrency has since printed higher-highs and appears unstoppable heading into the weekend.

Bitcoin price weekly chart. Source: TradingView

If bulls obtain the next shut on the day by day time-frame, one other leg up on the weekly shut can be an encouraging sign that would see a good run to a brand new all-time excessive crystallised.

On the draw back, the 100 hourly easy shifting common at $14,111 offers help. Bulls seem strong right here, however any additional dip ought to see the wall on the 100-SMA on the 4-hour chart at $13,433 soak up the downward strain.



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