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Bitcoin Price Skyrocketing to $12K

 

After months of fall down and stagnation, the Bitcoin price is consolidating into a tighter range. After recovering 6.3% from a devastating drop to USD 11,200 on August 11, Bitcoin (BTC) price appears to be rocketing up for a third run on the USD 12K mark.

Traders and investors are anticipating a third attempt at the USD 12K level. Thus, with an upcoming uprising in BTC retail, Institutional Traders and investors suddenly become more Greedy.

This is a logical result that  came after a week of bullish news, which included NASDAQ listed investment firm Micro-Strategy bought up to 21,454 BTC as protection plan against the weakening U.S. dollar.

The increasingly bullish sentiment has extended across the entire cryptocurrency sector.  As an example: altcoins like Chainlink (LINK) and Tezos (XTZ) surfaced above previous all-time highs, and a handful of Defi-related tokens followed suit.

The Crypto Fear & Greed Index currently shows that optimism among investors is quite high, and also indicates to “Extreme Greed.” This is fascinating as the tendency shows a sharp contrast from July when the symbol read “Fear.” During that time, crypto investors were afraid Bitcoin price would drop back into the low USD 10K range.

The daily timeframe shows Bitcoin continuing to make higher lows as the price consolidates into a tighter range between USD 11,200-USD 11,800.

There may be more bullish momentum moving forward for Bitcoin. 

Earlier this week, the BTC price corrected 2.7% as gold retraced by 9%.

Altcoins also recovered well from the August correction; and Ether made waves managing a strong breakout above the USD 400 resistance level. Ether price rose by 7.88% to a new 2020 high at USD 430, and XRP price rose by 4.04%.

Chainlink (LINK) also reached a new all-time high after rallying 16% to USD 18.37.

The overall cryptocurrency market cap now stands at USD 367.4 billion. Bitcoin’s dominance index currently at 59%.

 

 

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