Bitcoin Broke Through $12,000 as US Dollar Index at Lows
“Bitcoin finally broke its $12,000 resistance Monday,” said Andrew Tu of trading firm Efficient Frontier. “Now it's on to $13,000 and $14,000 as resistance, assuming that we can hold above $12,000.”
Bitcoin’s price was just under $12,000 as of press time after the selling pressure earlier.
Michael Rabkin of Chicago-based trading firm DV Chain told CoinDesk both retail and institutional interests are fueling fresh bitcoin highs and that the asset is headed higher. “Bitcoin’s popularity is growing in the mainstream media and with traditional investment firms as the U.S. continues its stimulus,” he told CoinDesk.“Even though this can’t last forever there is no end in sight, so people are looking for alternatives to USD,” Rabkin added.
Indeed, the U.S. Dollar Index, a measure of the greenback’s strength relative to a basket of other currencies, is at an over two-year low Tuesday as a coronavirus-inflicted global economy continues to cause problems for the American economy.
Bitcoin’s price was just under $12,000 as of press time after the selling pressure earlier.
Michael Rabkin of Chicago-based trading firm DV Chain told CoinDesk both retail and institutional interests are fueling fresh bitcoin highs and that the asset is headed higher. “Bitcoin’s popularity is growing in the mainstream media and with traditional investment firms as the U.S. continues its stimulus,” he told CoinDesk.“Even though this can’t last forever there is no end in sight, so people are looking for alternatives to USD,” Rabkin added.
Indeed, the U.S. Dollar Index, a measure of the greenback’s strength relative to a basket of other currencies, is at an over two-year low Tuesday as a coronavirus-inflicted global economy continues to cause problems for the American economy.
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