Bitcoin Nears $12,000, Sets Another Record High

After blasting toward the former $11,395 BitStamp all-time high on November 29, bitcoin rather abruptly and violently retracted to the $9,252.96 November 29 daily low. The markets have consolidated since then, and the price has managed to quickly recover above the previous $10,000 psychological resistance level, which is now serving as a key support. Additionally, a new all-time high was secured today at $11,961, and we may even break ahead of that valuation, but only if the current uptrend continues with matching hourly trading volume.

On Tuesday, Bitcoin prices trade near the $12,000, daily high was at $11,961.

Bitcoin began trading from the $5,555.55 monthly low on November 12 (GMT 04:00), and after more than 2 weeks elapsed, we witnessed a new $11,392.31 all-time high on November 29 (GMT 14:00). The actual event resulted in a pullback to the $9,252.96 November 29 daily low (GMT 19:00), which was followed by a bounce back in price to the $10,624.60 November 30 daily high (GMT 4:00), and a consequent second reversal to $9,000 weekly low on November 30 (GMT 13:00). The subsequent 3 days were chiefly characterized by a strong bullish bias that concluded with yet another new all-time high, this time at $11,800.01 on December 3 (GMT 15:00). The price has since then oscillated between the $11,800.01 all-time high and yesterday’s $10,517.38 fundamental support.

This post was originally published by EarnForex