Since bottoming out in March at $4,936, bitcoin has staged a 120% rally, rising to prices not seen since the summer of 2019. 

Now, for what seems like the hundredth time this year, bitcoin is once again back again within earshot of $12,000. 


Source: coinmarketcap 

Why is this number significant? Because though this has proven to be a difficult price for the cryptocurrency to hold. 

Bitcoin briefly breached the $12,000 mark in June and July 2019, and again in August 2020, but each of these spikes was a short-lived selling opportunity. After overcoming the COVID-19-induced market collapse, bitcoin spent the summer rally back. But the crypto was only able to briefly exceed $12,000 for five days in August. 

Can bitcoin keep rallying and finally stay above $12,000 for the first time since the historic December 2017-January 2018 rally? Only time will tell. For now, $12,000 will act as a key technical resistance level. 

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© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

(Excerpt) Read more Here | 2020-10-15 09:08:00
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