Bitcoin Breaks $11,700 for 1st Time in Over a Year After 2nd Highest Monthly Close Ever

Saturday 6 August 2020, 6:18 PM AEST - 5 days ago

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According to data from CryptoCompare, at 06:20 UTC on August 1, Bitcoin broke through the $11,700 level (before reaching an intraday high of $11,740) for the first time since 30 June 2019.

This move came after Bitcoin closed July at $11,337, which is its second highest monthly close ever (after December 2017, when Bitcoin closed at $13,850).

Currently (as of 07:50 UTC on August 1), Bitcoin is trading around $11,664, up 4.58% in the past 24-hour period:

Technical Analyst Crypto Michaël says it is cruncial that Bitcoin stays above the $11,400:

$BTC #BITCOINYep, $11,200 broke and flipped support -> $11,500-11,700 test and CME gap closed.One sidenote; EUR/USD is correcting. I do believe Gold, Silver & $BTC will do the same. Crucial threshold? Holding $11,400. pic.twitter.com/ncxBJIQ3DP

— Crypto Michaël (@CryptoMichNL) August 1, 2020

Simon Dedic, co-founder of crypto-focused research firm Blockfyre, seems to be implying in the following tweet that the current rally could take Bitcoin all the way to $20,000–which would be a new all-time high (ATH) since the current ATH ($19,870) was set on 17 December 2017–in as little as a couple of weeks:

In 2017, it took$BTC just 2 weeks to go from todays price to 20k USD$ETH just 2 months to go from todays price to 1.4k USDWe didnt have live products or highly prog ...

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