Bitcoin Price Hits 10-Month Highs as BTC Aims at $10.5K Resistance

$10,390 briefly appears as optimism spills over into the new trading week, with safe-haven gold already at record highs against the dollar.

Bitcoin (BTC) hit its highest in over ten months on July 27 as bulls took control and sent the largest cryptocurrency past $10,350.

Market overview from Coin360

Market overview from Coin360.

Data from Cointelegraph Markets and Coin360 confirmed BTC/USD reaching highs of $10,363 on some exchanges on Monday — its best performance since Sept. 9, 2019.

Markets continued to capitalize on bullish sentiment as the trading week began, Bitcoin following safe-havens gold and silver to surprise traders and analysts alike.

As Cointelegraph reported, a basket of factors is helping to fuel gains, which remain subject to classic resistance levels.

At press time, Bitcoin had not yet managed to test $10,500, key resistance which, if overcome, opens up the door to $11,000 and higher. 

“Overall bullish but just throwing it out there that a big volume move and close across 10500/11000 will result in the continuation everyone else wants,” Cointelegraph Markets analyst filbfilb told subscribers of his dedicated Telegram trading channel on Monday.

BTC/USD 1-day chart

BTC/USD 1-day chart. Source: Coin360

Bitcoin “behaving more akin to gold and silver

“Briefly on traditional markets; Gold and Silver are continuing to rip higher as well as Bond Yield making new lows, while the USD continues to lose ground,” he continued, adding:

“Indices overall are sat looking a little precarious after last week’s sell off towards the end of the week.  Will need to keep an eye on that but Bitcoin seems to be behaving more akin to Gold and Silver than equities at the moment.”

Safe havens are the flavor of the month among investors as U.S. dollar weakness combines with uncertainty over both China and coronavirus measures.

Gold is currently at record highs in USD terms, with silver putting in solid performance to hit $24. 

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Read the full article at Cointelegraph.com

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