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$12,000 is the Next Goal of Bitcoin; Miners’ BTC Outflow has also Surged by over 50%

Hassan Mehmood

ByHassan Mehmood

Oct 10, 2020

The world top digital asset Bitcoin has reached $11,484, the peak value since September 2. After trading below $11,000 for over the last 30-days, it finally breaks above the most important psychological level.

Bitcoin Towards $12,000

The level at $11,300 is a very critical level for Bitcoin’s short term position as it can act as a strong resistance. But today, the coin has surpassed the level which shows Bitcoin may claim $12,000 soon. After a successful breakage of the symmetrical triangle, it may show rally, claims crypto experts.

Bitcoin witnessed a record low volatility in the whole month of September. Over the last month, it remained in the accumulation phase on the part of big investors which resulted in a great breakout by breaking the symmetrical triangle.

Over recent days, Bitcoin showed a correlation with traditional markets’ assets such as gold and the US equity markets. The US indexes surged over 2-3% on Friday and Thursday which also inspired cryptocurrency markets.

As per the technical point of view, the area between $11,400 and $11,500 can act as a great resistance for the top digital asset.

Distribution of Stimulus Package

The major driving force behind Bitcoin’s rally is the ongoing discussion over the stimulus package. The distribution of stimulus paychecks could push the price value of Bitcoin upward. Due to printing in large amounts by central banks, there are strong chances of inflation in the traditional markets. As there is a strong correlation between the US markets and Bitcoin, investors can see Bitcoin as the best alternative to equities. After the distribution of stimulus packages, investors could invest this money in buying Bitcoin.

Due to the price’s rise, miners are sending BTC holdings over cryptocurrency exchanges. Crypto analytics firm Glassnode reports that the volume of BTC outflow by miners has surged by more than 50% in the previous 24-hours.

Fresh investment in Bitcoin from Jack Dorsey’s Square is another factor behind BTC’s rally. This shows the interest of big institutions in the crypto space.

At press time, Bitcoin is exchanging hands at $11,326 after increasing by 2.4% over the last 24-hours

Hassan Mehmood

Hassan Mehmood

Hassan Mehmood, a valued writer at Big Trends Signals, uses his profound online trading expertise to produce in-depth guides and unbiased reviews, enabling traders to navigate digital marketplaces efficiently.

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