BTC continues inching closer to £12K as bulls remain dominant

Bitcoin (BTC) the leading cryptocurrency in terms of market capitalization is gradually moving closer to £12,130 as bulls continue dominating the market. The coin opened trading on Monday trading at £11,730 before closing the day with a downward correction to £11,624. On Tuesday, BTC made little movement and was trading at £11,594. Yesterday, the coin registered significant gains, setting an intraday high of £12,069 before experiencing some downward correction to close trading at £11,906.

At the time of writing, BTC has managed to make an upward correction to reach and surpass yesterday’s high. The coin is trading at £12,072, representing a 3.58% gain over the past 24 hours. Per data from CoinMarketCap, the coin had a trading volume of £25,333,009,087 over the past 24 hours with a market cap of £222,917,086,685.

Per analysts, BTC’s current resistance level is at £12,100. If bulls remain persistent, the coin is set to meet its next resistance at £13,034, which might be its last resistance level before retesting its all-time high (ATH) at £14,995.

BTC’s price is 80% of its ATH

According to Yassine Elmandjra, a crypto analyst BTC price is almost making a complete recovery, 692 days after the coin hit its ATH on December 17, 2017.

The analyst unveiled this news via a tweet noting,

Despite the coin’s unrelenting bullish momentum, experts believe that traders might start cashing out to make profits. Per the experts, this will inevitably see the coin plunge once again. While most traders believe cashing out while BTC’s price is performing well is wise, Mike Novogratz, a renowned BTC proponent, and former hedge fund manager, advises against it.

Novogratz tweeted that,