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ETH · 5w

Market Wrap: Bitcoin Tests $12K; Ethereum Fees Fall to 3-Month Low

Bitcoin’s price passed $12,000 for the first time since September as Ethereum fees dipped.

Bitcoin (BTC) trading around $11,910 as of 20:00 UTC (4 p.m. ET). Gaining 1.8% over the previous 24 hours. Bitcoin’s 24-hour range: $11,673-$12,058 BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians. Bitcoin trading on Bitstamp since October 18. Source: TradingView

Bitcoin’s price continued to make gains Tuesday following Monday’s steady price appreciation. The world’s oldest cryptocurrency breached $12,000 around 17:00 UTC (1 p.m. ET), going as high as $12,058 before settling in at $11,910 as of press time. 

The last time bitcoin was over $12,000 was back on Sept. 1, according to Bitstamp spot pricing. (CryptoCompare, using index-weighted pricing, puts it at Aug. 19.) David Lifchitz, chief investment officer at ExoAlpha, says bitcoin could hit $12,500 at some point soon but will face a struggle. “The real resistance level is around $12,500-ish, so until a meaningful breakout above that level, nothing is done, $12,000 is just a psychological level.”

Spot bitcoin trading on Bitstamp since September. Source: TradingView

Lifchitz said that while the price level is notable, it could lead to bitcoin staying in a sideways pattern around this level similar to when it crossed $10,000. “Bitcoin, having held above $10,000 for more than two months in a row, was a bullish sign, even if it had been trading sideways in a $2,000 range.”

Nevertheless, the last time bitcoin traded below $10,000 on the spot market was back on Sept. 9. This piece of data appears to be bolstering some investors’ faith. 

“We continue to break the record each day for the longest streak a bitcoin trades above $10,000, so overall investor confidence is growing I think,” said Michael Gord, chief executive officer of trading firm Global Digital Assets. 

Bill Noble, cryptocurrency strategist for analysis firm Token Metrics, said m...

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