Bitcoin Renews Bid for $12,000, 4th July Fireworks Coming?

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Bitcoin Renews Bid for $12,000, 4th July Fireworks Coming?

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After throwing open the curtains to further bullish light yesterday, Bitcoin long traders continued to push harder in a renewed bid to overcome USD 12,000 resistance levels as 4th July celebrations loom.

There was a very brief moment of success on the very opening of Asian markets at 12:45 am UTC (8:45 am Shanghai) when Bitcoin peaked at its current daily high of USD 12,044 (CoinDesk). It is still too early to see if there will be a lasting rebound from that line, although Bitcoin has since been trading around then USD 11,600 area while waiting for North America to kick in.

Whatever the outcome for that period, it is already a week for success and recovery, with prices up 3.6% over yesterday, and almost 20% from USD 9,600 just a few days ago, and almost at parity with the price of 1 July. As demonstrated by The Spectator Index, a yearly charting comparison of price displays unmistakably bullish trends:

https://twitter.com/spectatorindex/status/1145618041150902273

As regards to altcoins, the only digital asset matching Bitcoin’s performance in the past day was Litecoin, with few other coins in the Top 20 by market capitalization even managing a 1% gain, with about half even somehow registering minuscule percentage losses.

The big marker that is emerging among all these market speculation, however, is the continued rise of Bitcoin dominance, which is now steadily looking to reclaim 70%. Today, it sits at 65% dominance, accounting now for almost two-thirds of the entire market capitalization of thousands of other digital assets and crypto tokens.

https://twitter.com/gernot_lechner/status/1146744326141222912

And now, with the USA about to wake up, all eyes are on speculators and traders there, hoping that the next 8 hours of trading will bring yet another Independence Day gains. If successful, it will be the fifth consecutive profitable 4th of July celebrations for Bitcoin.

 

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