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Bitcoin is getting closer to 12 000 USD. Analysts remain hopeful

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Bitcoin is slowly continuing its climb towards USD 12,000 per coin. Yesterday's BTC session closed above $ 11,500. Currently, this cryptocurrency is close to this level. What do investors expect?

man running towards chart

Bitcoin price - what was happening on its chart?

The oldest cryptocurrency is above $ 11,500 per coin for the first time since the September disaster. Yesterday's Bitcoin session opened at $ 11,392.64, and the closing was at $ 11,555.36. The fluctuations on the BTC chart were quite frequent, in the last 24 hours it was between USD 11,240.69 and USD 11,698.47. The current price of Bitcoin is around $ 11,490.

btc 7 day range price chart

Looking at the anxiety and greed indicator, we can see that the investors of this cryptocurrency are showing greed. Yesterday their behavior was classified as neutral.

$ 12,000 the nearest target

Many analysts believe that breaking this line would allow for the formation of support and further increases in the Bitcoin rate. The BTC price is clearly moving towards the upper end of the resistance range. So a break above $ 12,000 could trigger a wave of new gains.

Bitcoin's position may also gradually strengthen as the US dollar weakens. If USD depreciates, it is possible that the dynamics of this cryptocurrency will increase in the fourth quarter of this year. Among the factors that may have a significant impact are the upcoming elections, as well as the uncertainty related to the coronavirus pandemic and the vaccines being developed.

Once the dollar really weakened, alternatives such as gold and Bitcoin would benefit.

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