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Bitcoin Price Analysis: Breaks $12K Price Resistance, Reaches New ATH

Bitcoin (BTC) surged up and broke its $12,000 resistance level. This resulted in the coin to create its all-time high (ATH) price this year.

Bitcoin is one of the most famous digital assets in the crypto world. Recently, Bitcoin caught the investors’ attention in and out of the crypto market. This is due to its bullish uptrend performance in breaking its $12,000 resistance level.

 (Source: Glassnode)
(Source: Glassnode)

In the last 24 hours, BTC was trading at a high price of $12,817 with a 24h growth rate of +5%. The crypto’s bullish uptrend performance is due to the bulk transfer volume transacted in its blockchain.

As shown in the graph above, almost 4 million BTC was transferred on October 21. This is nearly 22% of the entire Bitcoin supply.

Paypal also announced that it plans to support Bitcoin and other altcoins via its wallet and Venmo app by 2021. This integration will allow crypto users to transact with over 26 million merchant partners worldwide. This announcement triggered the surge of BTC’s price in the last 24 hours.

Furthermore, market analysts already anticipate Bitcoin’s bullish movement. In a published report, we predicted that the Bitcoin price could break the resistance level of $12,000 if the market continues to favor the crypto.

Moreover, the global economy continues to experience market depression because of COVID19. Despite that, Bitcoin remains to be a cryptocurrency that stands tall and maintains its reputation; particularly among countries like Turkey and Japan as well as leading companies.

CoinQuora Staff

CoinQuora is an online publication that aims to educate about news, exchanges, and markets in the cryptocurrency and blockchain industry

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