{"id":447177,"date":"2020-10-20T15:56:27","date_gmt":"2020-10-20T15:56:27","guid":{"rendered":"https:\/\/ktsl888.com\/?p=447177"},"modified":"2024-06-11T14:07:20","modified_gmt":"2024-06-11T14:07:20","slug":"bitcoin-shoots-towards-12000-as-capital-flows-back-into-btc","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-shoots-towards-12000-as-capital-flows-back-into-btc\/","title":{"rendered":"Bitcoin Shoots Towards $12,000 as Capital Flows Back Into BTC"},"content":{"rendered":"
Bitcoin bulls are back after weeks of consolidation. The leading cryptocurrency thrust higher towards $12,000 on Tuesday morning. The coin now trades just shy of that crucial price resistance at $11,970.<\/p>\n
The cryptocurrency is expected to move higher in the days ahead as macro trends favor Bitcoin bulls.<\/p>\n
Bitcoin’s rally comes as altcoins have suffered a retracement, with most dropping a few percent across the board as a weird market dynamic emerges where altcoins seriously underperform BTC.<\/p>\n
Bitcoin is poised to tap $12,000 as bulls renewed their buying pressure heading into Tuesday morning. The cryptocurrency is currently up 2% in the past 24 hours, having traded as high as $11,800 yesterday.<\/p>\n
<\/p>\n
Chart of bTC's price action voer the past few weeks. Source: BTCUSD from TradingView.com<\/a><\/pre>\nAnalysts think that Bitcoin’s recent price action is a precursor to a further move higher.<\/p>\n
One trader noted that the open interest of BTC futures suggests that the coin is reaching a point to buy:<\/p>\n
“Open Interest: the # of outstanding futures contracts that have not been settled. For each buyer there must be a seller. From the time the buyer\/seller opens a contract until the counter-party closes it, that contract is considered open. Current levels look bullish.”<\/p><\/blockquote>\n
Related Reading: Tyler Winklevoss: A \u201cTsunami\u201d of Capital Is Coming For BTC<\/a><\/h6>\n
Outpacing Altcoins<\/strong><\/h2>\n
Altcoins are underperforming BTC by many percent during this move higher.<\/p>\n
According to CoinGecko data, leading DeFi coins have plunged 5-20% in the past 24 hours. It seems as though capital from altcoins is cycling into Bitcoin en-masse, likely due to macroeconomic trends favoring BTC over altcoins.<\/p>\n
Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing<\/a><\/h6>\n
Featured Image from Shutterstock\r\nPrice tags: xbtusd, btcusd, btcusdt\r\nCharts from TradingView.com<\/a>\r\nBitcoin Shoots Towards $12,000 as Capital Flows Back Into BTC<\/pre>\n","protected":false},"excerpt":{"rendered":"Bitcoin bulls are back after weeks of consolidation. The leading cryptocurrency thrust higher towards $12,000 on Tuesday morning. The coin now trades just shy of that crucial price resistance at $11,970. The cryptocurrency is expected to move higher in the days ahead as macro trends favor Bitcoin bulls. Bitcoin’s rally comes as altcoins have suffered a retracement, with most dropping a few percent across the board as a weird market dynamic emerges where altcoins seriously underperform BTC. Related Reading: Here\u2019s Why Ethereum\u2019s DeFi Market May Be Near A Bottom Bitcoin Surges to $12,000 Bitcoin is poised to tap $12,000 as bulls renewed their buying pressure heading into Tuesday morning. The cryptocurrency is currently up 2% in the past 24 hours, having traded as high as $11,800 yesterday. Chart of bTC’s price action voer the past few weeks. Source: BTCUSD from TradingView.com Analysts think that Bitcoin’s recent price action is a precursor to a further move higher. One trader noted that the open interest of BTC futures suggests that the coin is reaching a point to buy: “Open Interest: the # of outstanding futures contracts that have not been settled. For each buyer there must be a seller. From the time the buyer\/seller opens a contract until the counter-party closes it, that contract is considered open. Current levels look bullish.” Related Reading: Tyler Winklevoss: A \u201cTsunami\u201d of Capital Is Coming For BTC Outpacing Altcoins Altcoins are underperforming BTC by many percent during this move higher. According to CoinGecko data, leading DeFi coins have plunged 5-20% in the past 24 hours. It seems as though capital from altcoins is cycling into Bitcoin en-masse, likely due to macroeconomic trends favoring BTC over altcoins. Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Bitcoin Shoots Towards $12,000 as Capital Flows Back Into BTC<\/p>\n","protected":false},"author":497,"featured_media":436844,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[1144,78790,76835],"class_list":["post-447177","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n
Bitcoin Shoots Towards $12,000 as Capital Flows Back Into BTC<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n