Despite the heavy sale on the stock market, the leading crypto currency Bitcoin (BTC) has caught a new rise today. This has been an indication that Bitcoin is now completely independent of traditional assets.
Annual highs began to appear in Bitcoin, which crossed the $ 13,500 level early this morning. As a short-term resistance zone, if it continues to hold the $ 13,200 level this way, it looks pretty close to the $ 14,000 level for the leading coin.
While Ethereum (ETH) and most other altcoins are consolidating or declining, Bitcoin is showing signs of intense strength. New peaks for 2020 were recorded today as the BTC bulls targeted the $ 14,000 level.
Ethereum has been underperforming Bitcoin lately, but in the event of the upcoming Ethereum 2.0 event and interest in DeFi projects rising again, the biggest altcoin has the potential to make a strong jump.
According to a popular analyst, Bitcoinbelieves that it would be healthier for BTC to revisit the $ 13,000 level in order to continue its strong rally. Also, the analyst stated that if the $ 13,000 level breaks down, Bitcoin’s uptrend will end.
Bitcoin (BTC) is trading at $ 13,632 as of writing. This level marks a significantly higher level than BTC’s when the bears dropped to $ 12,800. Support in this region proved to be important, and the fact that BTC could rise to its current price has had a catalytic effect.
The biggest proof of how technically healthy Bitcoin is may depend on how quickly the $ 14,000 level will stick. That’s why Bitcoin’s trend remains uncertain. The biggest reason for this is the upcoming US elections and the removal of uncertainty in the markets due to the coranavirus effect.
Samuel Hegi , who first became acquainted with blockchain technology in 2014, is highly critical of blockchain technology. Samuel Hegi, a journalism graduate from the University of Brighton Theblockchainnew.com he is the editor-in-chief of the news portal.