First the $ 12,000 test, then the overcoming of the previous highs reached in the 14,000 area in 2019, and now the reaching and breaking of the $ 15,000 threshold.
In the last month, Bitcoin managed to overcome the most important technical levels that were somehow holding back its race and now many obstacles seem to have been removed towards reaching the all-time record, which in December 2017 reached $ 20,000.
Simon Peters, eToro’s cryptocurrency expert said: “Investors attach great importance to these so-called resistance levels, as these are points where buy or sell activity often occurs.”
The break of the three levels (12,000, 14,000 and 15,000) could favor a further rise of Bitcoin.
It should also be considered that the rise of the last few weeks has been followed by an explosion in volumes, this is a technically very important factor.
In October, Bitcoin was the only cryptocurrency to experience an increase in trade.
The surge was favored by the news of the new cryptocurrency trading service launched by PayPal, in fact, this growth is contrasted with the general decline of other cryptoassets.
Bitcoin exchanges rose 16 percent in October: “Bitcoin has been the focal point for investors this past month”.
There is actually a possible other reason: the fear that the increase in fiscal stimulus could devalue traditional currencies globally.
When central banks announce plans to inject money into the economies of states, many investors in the “crypto” community see this as an important signal for buying Bitcoins.
It should also be remembered that the long American election season is gradually drawing to a close, and the situation related to fiscal stimulus in the US may become clearer.
Any such package could generate a weakening of the US dollar and, in the future, further increases in the price of Bitcoin.