Bitcoin price tests the $12,000 mark

The leading cryptocurrency briefly breached the $12,000 level. After encountering resistance, BTC price retraced.

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The chart below shows that the upward impulse was not supported by higher trading volumes.

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Intraday BTC/USD chart from Bitstamp on TradingView.

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Against the backdrop of Bitcoin’s positive momentum, many assets saw substantial drops in price. For example, this is how the top ten by market capitalization look:

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Source: Messari.

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Some market participants noted that BTC has lately risen amid negative dynamics in U.S. equities and gold.

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Restart the safe haven narrative.

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Stonks, Gold down, $BTC zoom zoom. pic.twitter.com/zbeQmKfHl8

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— Hsaka (@HsakaTrades) October 19, 2020

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Experts at Glassnode noted that Bitcoin’s realized capitalization reached an all-time high.

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📈 #Bitcoin $BTC Realized Cap just reached an ATH of $117,360,133,538.41

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Previous ATH of $117,353,663,487.01 was observed earlier today

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View metric:https://t.co/C8JhD26mC1 pic.twitter.com/zURNvnnu0l

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— glassnode alerts (@glassnodealerts) October 20, 2020

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Bitcoin’s market supply of dormant coins for more than three years reached a two-year high.

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📈 #Bitcoin $BTC Percent Supply Last Active 3+ Years just reached a 2-year high of 32.025%

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Previous 2-year high of 32.024% was observed earlier today

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View metric:https://t.co/ari6mxFMpi pic.twitter.com/cPz3wuMvT7

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— glassnode alerts (@glassnodealerts) October 20, 2020

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The number of UTXOs in Profit (1d MA) just reached an ATH of 109,486,342.208

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📈 #Bitcoin $BTC Number of UTXOs in Profit (1d MA) just reached an ATH of 109,486,342.208

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Previous ATH of 109,351,953.083 was observed on 02 September 2020

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View metric:https://t.co/pnphkCzv6j pic.twitter.com/229aq4kgvV

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— glassnode alerts (@glassnodealerts) October 20, 2020

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Earlier, Cane Island Alternative Advisors’ Timothy Petersen expressed confidence that Bitcoin’s price would not fall below $11,000 with a 90% probability.

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