In the morning of August 10, Bitcoin price for the second time in a month tested the $12,000 level, marking the year-to-date high.
The BTC price on the Bitstamp exchange rose at one point to $12,100. For the day the cryptocurrency added 4%. As of writing, quotes had retraced to $12,000.
BTC/USD chart on Bitstamp, Tradingview
Analyst Josh Rager noted that during the latest price surge Bitcoin closed the weekly candle at the highest level since January 2018. He also pointed to the possibility of a correction, but intends to stay bullish.
Highest price weekly close for Bitcoin since January 2018!
A higher-high on the weekly trend — nice close by Bitcoin even after the $12,100 to $10,500 pullback
I will remain bullish with the trend even though pullbacks are expected pic.twitter.com/3mgplh2l9d
— Josh Rager 📈 (@Josh_Rager) August 10, 2020
Other leading cryptocurrencies have not yet joined Bitcoin’s rally. The only exception in the top 10 is Chainlink, which over the last 24 hours rose by more than 8%.
Data: CoinGecko
Last time the price of Bitcoin surpassed the $12,000 mark on Sunday, August 2, after which quotes collapsed to $10,500 within minutes.
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