New 2020 Bitcoin Price High at $12,000 Proves Bulls Remain in Control

After securing a strong daily close, Bitcoin (BTC) price continued to press higher by cruising to $12,000 within the last hour.

Crypto market daily price chart. Source: Coin360

Breaking through the $11,500-$11,800 range was the bulls most significant achievement of the last week and a number of analysts have noted that above the $12,000 level there is little overhead resistance.

This has led some traders to forecast a swift move to the $14,000-$15,000 level.

In a previous analysis, Cointelegraph contributor Micheal van de Poppe said that:

“The $11,500-11,800 resistance area is an ancient and substantial area on the charts. Not only did this level serve as resistance throughout the summer of 2019, but it also acted as resistance during the peak mania of December 2017.”

Bitcoin daily price chart. Source: Coin360

This most recent move to $12,000 broke through this ‘ancient’ range and according to van de Poppe once “the price of Bitcoin breaks through this zone, then there is a lot of open range above and a new bull market will be upon us.”

Ethereum price hits a 2-year high

As Bitcoin price moved to a new 2020 high, Ether (ETH) price rallied to a 2-year high at $399 on Binance exchange.

Since July 18 the Ether has rallied more than 70% and analysts believe the altcoin could see further upside as the DeFi sector continues to grow, Bitcoin rallies higher, and the ETH 2.0 upgrade is expected to occur soon.

Ethereum daily price chart. Source: Coin360

Many of the top-20 altcoins also posted impressive gains as Bitcoin and Ether moved to new 2020 highs. XRP rallied 19.7%, Stellar Lumens (XLM) gained 13.25% and Dogecoin (DOGE) added 12.93%.

According to CoinMarketCap, the overall cryptocurrency market cap now stands at $357.3 billion. Bitcoin’s dominance index currently at 61.3%.