Bitcoin Price Finally Climbs Above $20,000 For The First Time Ever
By Erie Maxwell – December 16, 2020
Bitcoin price is currently trading at $20,600 after a massive breakout above $20,000 for the first time in its history. The digital asset has peaked at $20,800 on Binance which suffered significant outages, mostly on its mobile application.
The flagship cryptocurrency is trading at $20,650 at the time of writing in what seems to be a healthy breakout during the past two hours. Bitcoin is now in the ‘price discovery’ zone facing no resistance above.
BTCUSDT Chart Via TradingView (Click image for larger view)
Most analysts remain bullish on the digital asset which has reached a market capitalization of $383 billion for the first time ever and has increased its dominance to 64.2% again. Several major cryptocurrencies have followed suit with XRP jumping above $0.50 again and Ethereum touching $620.
The total market capitalization of the cryptocurrency industry jumped by $20 billion within 1 hour reaching a two-year high at $598 billion.
Bitcoin Technicals Remain Heavily Bullish
When it comes to the majority of technical indicators, it seems that they still show investors should buy the digital asset. On the daily time-frame, the consensus is a ‘strong buy’ which can be seen across practically all time-frames.
The trading volume of Bitcoin and the entire market has spiked significantly in the past two hours, indicating that the breakout has a lot of strength. The next potential price targets for Bitcoin would be psychological levels located at $21,000, $22,000, etc.
The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.
Article reposted on Markethive by Jeffrey Sloe