Bitcoin, BTC, BTCUSD Price Analysis:
- Bitcoin[1] has just set a fresh yearly high, breaking above a big batch of resistance along the way.
- Can bulls continue to push? While the bullish theme in Gold[2] remains on hold, buyers haven’t been so bashful around Bitcoin.
- The analysis contained in article relies on price action[3] and chart formations[4]. To learn more about price action or chart patterns, check out our DailyFX Education[5] section.
With the US Dollar[6] continuing to sell-off, a number of markets remain of interest. Gold may be gearing up for another breakout at some point in the next couple of weeks but, by and large, that loud bullish theme from this summer remains on hold. One area that hasn’t been restrained of recent, however, is Bitcoin, which broke through a big batch of resistance earlier this week to push up to a fresh yearly high.
Bitcoin Daily Price Chart
Chart prepared by James Stanley[7]; Bitcoin on Tradingview[8]
The Bitcoin Rally Continues to Drive
I had last looked at Bitcoin in May of this year[9], just as the cryptocurrency was re-engaging with the 10k psychological level. And as I’d shared then, there were similar drives of attraction to Bitcoin as what had showed around Gold or other USD-denominated assets[10]. With one of the few clear drivers from the first-half of this year, it looked as though the US response to the coronavirus was going to entail more and more stimulus. This could serve to weaken the Dollar and, by nature, that weaker USD[11] could increase the value of assets that were denominated in the currency, such
