Bitcoin breaks through $12,000 level once again

Posted Jul 8, 2019 by Ken Hanly
After being below $10,000 at the beginning of July bitcoin (BTC) has now climbed back up to break through the $12,000 level as it recovers significantly so far today
Bitcoin  whose origins remain a mystery  is a virtual currency that is created from computer code an...
Bitcoin, whose origins remain a mystery, is a virtual currency that is created from computer code and is not backed by any government. The Bitcoin currency was launched in 2009.
Karen Bleier, AFP/File
Suberg analysis
Earlier today on CoinTelegraph Willam Suberg provided an analysis of the price movements of bitcoin. Even then bitcoin had breached the $12,000 level on some exchanges with gains of 6 percent in 24 hours. BTC had begun the day below $11,500. Not all exchanges had shown BTC breaching $12,000 but Bitnex first reported the higher price which topped out at $12,040. Bitstamp had recorded a peak of just $11,940. However since Suberg posted prices have gone even higher.
Earlier on Monday analysts were unsure about bitcoin's future direction nonetheless appeared to agree a downturn move was coming. However, BTC has surprised analysts by continuing to move up and this may show that the weekly close before the resistance level of $11,500 is not all that significant.
Prices took a sudden jump
The move towards the $12,000 level took place through a sudden jump of $500 in just a matter of minutes. The higher prices held rather than falling back and BTC remains at the elevated price.
Short traders lost large sums
The exact reason for the sudden price rise is not clear but investors were very relieved. However,. short traders lost large sums as many were betting on a price decline. Social media noted that a single morning's trading on the derivatives giant BitMEX resulted in traders losing $44 million.
Bitcoin has not yet reached its previous high
Previously bitcoin had hit a 15-month high of $13,800. While it has still not reached that height it has reclaimed much of the value it had lost. Suberg claims other cryptocoins were putting in a lacklustre performance so attention was focused on bitcoin. However, ethereum rose 6 percent on news that its futures could soon be above $300.
Present situation
Twenty four hours ago BTC was trading at $11,555 according to CoinDesk data. Since then it has hit a high of $12,246 and a low of $11,332. Even at 14:50 Central Daylight Time bitcoin was still trading at $12,215 up $660 from the open or over 5.5 percent. The price seems to have established itself above $12,000 a good sign.
The top twenty altcoins are showing mixed results but with no strong movements up or down. The present price of bitcoin and the top twenty altcoins can be found here.