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Bitcoin Breaks $12,000 and Reaches Highest Price in More than a Year

August 17, 2020 at 15:15 by Matt Jackson

Bitcoin has managed to break heavy resistance at $12,000, peaking at $12,150 and reaching its highest price since August 9 last year, when it reached a high of nearly $12,300. Bitcoin’s gain has been mirrored by many of the top cryptocurrencies. ChainLink has seen some correction down, but retains its position as the 5th largest coin, while Litecoin has added to its impressive recent run and holds above Bitcoin SV as the 7th largest cryptocurrency. However, it is Tron that has posted some of the most impressive gains in the past 24 hours, adding nearly 9% to its price to trade at $0.029.

After breaking $11,000 on July 30, Bitcoin has traded sideways between $11,000 and $12,000, although it did briefly break above $12,000 on August 10. On that occasion, the break was shortlived, with the world’s largest cryptocurrency seeing its price fall back to $11,250 as a result of resistance. In the six days since then, it has progressively pushed upwards and in Monday trading, it made a more forceable push past the $12,000 mark. It reached $12,150 at around 15:00 GMT. Although it has been forced back a little since then, it is still trading at $12,100. The last time it reached that price was August 8, 2019.

Bitcoin started 2020 at $7,200 and was enjoying a positive start to the year, reaching as high as $10,300 by the middle of February. However, the spread of the Coronavirus caused a massive crash in March. Prices fell to a low of $4,600 before recovering and eventually reaching its current rate. Bitcoin is up 68% YTD, and holders will be hoping that it can flip $12,000 resistance to support, in order to stage a continued push for previous all-time highs near $20,000.

Most other cryptocurrencies have also seen gains in the past 24 hours, with the notable exception of ChainLink. LINK price has increased more than 40% in the past week, propelling the coin to take its place as the fifth-largest coin by market capitalization, behind Tether in 4th position. However, it is seeing some correction today, falling 2.56% to a price of $18.72. It faces a lot of resistance between here and the psychological barrier at $20.

Ripple has taken the opportunity to break its own recent highs. It is up 4.5% in the past 24 hours and is currently changing hands at $0.31, a position it hasn’t held since the middle of February and prior to its own Coronavirus crash. XRP is up 55% since the start of the year.

The greatest gains of the day have come from the seemingly forgotten Tron. The currency started trading this year at $0.0133, meaning that its price has increased more than 100%. Bulls now have their sights set at $0.03, currently trading at $0.029.

At 16:00 GMT, Bitcoin (BTC) is up 2.36% and trading at $12,095.24 while Ethereum (ETH) is up 1.07% and changing hands at $428.93. Ripple (XRP) has added 3.9% to its price to trade at $0.31 while ChainLink (LINK) is down 2.56% at $18.72. Bitcoin Cash (BCH) is trading at $313.68, having added 3.39% to its price in the past 24 hours.

If you have any questions and comments on Bitcoin today, use the form below to reply.

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