Today, bitcoin is trading for roughly $11,700. This is slightly above where it was just 24 hours ago, but the big question that’s likely on the mind of virtually every crypto trader out there is, “When is $12K going to show up again?”
Is Bitcoin Planning to Move Up Anytime Soon?
Not too long ago, the world’s number one cryptocurrency by market cap rose all the way to $12,400 in what was easily the biggest spike the asset had seen in well over a year. However, the surge didn’t last long, which made many people realize that bitcoin’s strength was still lagging in some areas, and unless that $12K can be hit again, many traders should not expect to see the currency striking its all-time high again anytime soon.
Right now, the asset appears to be moving at a slow and steady pace. While things haven’t necessarily picked up yet, it’s plausible to assume that they will in the coming weeks. What bitcoin appears to be doing is rising little by little each day. $100 here, $100 there. $12,000 is more than likely in bitcoin’s future again, though we probably won’t see the asset strike this territory again until at least September.
The fact is that bitcoin is repeating much of the behavior it was exhibiting back in May and June. During that time, the big resistance mark was an even $10,000, which bitcoin did strike during the early portion of each month. However, these surges only lasted for what felt like mere minutes before the asset took a big step back. Bitcoin was likely feeling pressure to hit $10K but didn’t seem to have what it took to stay there.
It wasn’t until something big occurred that bitcoin had a reason to remain beyond $10,000. The United States paved the way for second stimulus checks, while banks announced that they had gotten the greenlight to offer crypto custody services to their customers, thereby bridging the gap between both centralized and decentralized finance. Once these moves were made, bitcoin moved into five-figure territory and has remained there ever since.
Something Big Needs to Happen
Thus, one can only assume that something similarly large will need to happen for bitcoin to move beyond $12,000 permanently. What that large maneuver will be is virtually anyone’s guess at this point, though it will need to be centered around mainstream finance, like banks offering crypto the way they offer checking and cash services. Until then, bitcoin is bound to remain where it is.
The good news is that bitcoin has remained relatively up, staying within the $11,000 range over the past several weeks, and its bullish behavior is rubbing off on other coins and tokens. One prime example is Ripple’s XRP, which has surged from about 18 cents to just over 30 cents since mid-July.