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Bitcoin's Price Surges Past $12,000, Several Metrics Suggest The Currency Will Continue To Rally
Summary: Bitcoin has passed the $12,000 price level for the fourth time since August 2 and several metrics suggest the currency may be able to sustain itself above the level this time. The first is that the dollar has fallen in value against other reserve currencies in recent months as safe haven assets like gold and ...
Bitcoin has passed the $12,000 price level for the fourth time since August 2 and several metrics suggest the currency may be able to sustain itself above the level this time.
The first is that the dollar has fallen in value against other reserve currencies in recent months as safe haven assets like gold and Bitcoin have rallied. The dollar index fell to a 27-month low last week at 92.477, dropping down from its 102 level in March, CNBC market data shows.
In addition to a weakening dollar, Bitcoin has sustained itself above $10,000 for the longest time since its rally in 2017. The strong support combined with a strengthening case for Bitcoin as a hedge against inflation paints a bullish picture for the currency. At the time of writing Bitcoin is trading at $12,001 and is up 2.33%.
By Emily Mason
Tags: Bitcoin,BTC
Link: Bitcoin's Price Surges Past $12,000, Several Metrics Suggest The Currency Will Continue To Rally [Copy]
