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14 Oktober 2020

Coindesk: Bitcoin Eyes $12K Price After 6-Day Streak of Gains

Yara Ainsworth

Yara Ainsworth

Head of Marketing und Communications bei Crypto Finance AG

Über den Autor

In this article from Coindesk, Patrick Heusser from our Crypto Broker Trading Team is cited regarding the bitcoin price developments.

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Source: Coindesk | Author: Omkar Godbole

Bitcoin’s six-day run of gains has shifted the focus to the psychological hurdle of $12,000. Some analysts are looking even higher.

„The probability of bitcoin rising to $14,000 from current levels is stronger than the odds of a decline to $10,500,“ – Patrick Heusser, Crypto Broker AG

  • Bitcoin closed up for the sixth consecutive day on Monday, confirming its longest daily winning trend since August 2019, CoinDesk data shows.
  • The cryptocurrency has rallied from $10,500 to $11,700 since last Wednesday.
  • According to eToro market analyst Simon Peters, the upward move is likely to continue.
  • Payment company Square’s foray into bitcoin has boosted investor confidence in the cryptocurrency’s long-term prospects and got the community wondering which other companies could potentially be next, he said.
  • Technical bias, too, has turned bullish with the cryptocurrency’s convincing move above resistance at $11,250.
  • Peters, however, warned that some consolidation may be seen before a move to $12,000, as the cryptocurrency looks overbought in the short-term.
  • „There is every chance we could see a little dip (hopefully staying above $11,000). But the best case is for range play at current levels followed by a run to $12K in the coming days/weeks,“ Peters told CoinDesk.

  • Bitcoin has come under pressure in the past 12 hours, falling from $11,723 to $11,450.
  • With the pullback, the hourly chart relative strength index (RSI) has fallen back into underbought (bullish) territory below 70.
  • Patrick Heusser, a senior cryptocurrency trader at Zurich-based Crypto Broker AG, believes there is scope for a bigger bullish move in the near term.
  • „The probability of bitcoin rising to $14,000 from current levels is stronger than the odds of a decline to $10,500,“ Heusser told CoinDesk in a Twitter message.
  • Supporting the bullish case is the pick up in open interest and trading volumes for futures listed on major exchanges.

  • Global open positions or open interest increased to $4.3 billion on Monday – the highest level since Sept. 2, according to data source Skew.
  • Open interest has risen by nearly 20% so far in October.
  • Meanwhile, futures trading volume doubled to $14 billion on Monday to hit the highest level since Sept. 21.
  • A rise in open interest and trading volumes alongside a rise in price is said to confirm an uptrend.
  • However, upside may be capped near $12,000, as there are large sell orders placed around that level on the U.S.-based cryptocurrency exchange Coinbase and some Asian platforms, according to Heusser.

Read the article here on Coindesk.

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