Bitcoin Approaches $ 30,000, As the Bullish Momentum Accelerates
Cryptocurrencies have shifted their status in 2020; they started as risk assets to invest, but have turned into safe havens now. The big shift took place in Q2 of this year, as the coronavirus and the economic meltdown turned most assets bearish and increased the uncertainty in all markets.
So, traders turned to cryptocurrencies for safety, since they are not prone to the economics and central banks, like most normal currencies, commodities and stock markets. As a result, they have been running higher and it seems like the higher they increase, the more pace they gain, as traders don’t want to miss out on this massive bullish run.
BITCOIN broke above the big level at $ 20,000 by the middle of December and it has turned even more bullish since then. I though that Bitcoin might test the $ 20,000 level from the upside on a retrace down before making new highs, but it didn’t even look back. In fact, buyers have been pushing higher, getting closer to $ 30,000 and earlier today.
The print high on my screen is $ 29, 340, although the price has pulled back down more than $ 1,000 pips. So, cryptos are closing the year with a really strong bullish momentum and we will try to buy Bitcoin on this pullback. Moving averages look like a good place to go long, particularly the 50 SMA (yellow) which has been the ultimate support for Bitcoin.
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