Bitcoin Retreats From Another $12,000 Attack to Regroup at $11,500

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Bitcoin Retreats From Another $12,000 Attack to Regroup at $11,500

After a concerted attempt from Bitcoin buyers on Sunday to attack and stay above the USD 12,000 resistance levels, exhaustion eventually crept in from a high of USD 12,205 to immediate levels of USD 11,800, before falling back to current levels of USD 11,534 (1:45 pm UTC, CoinDesk).

Bitcoin bulls will be disappointed at this midday timing to still see Bitcoin finish about 3% lower than 24 hours ago despite all that positive action for the majority of the day. They will take a lot of heart, however, from the intense volumes for Bitcoin trading, whether at exchanges being marked on charts or over the counter orders especially on P2P platforms like LocalBitcoins.

Gold bugs like Peter Schiff will undoubtedly be happy that Bitcoin has not put traditional assets like precious metals, who have been enjoying a good first half of 2019, to further shame by its incredible performance, which is close to 350% appreciation from its yearly lows.

As news emerged that gold mining on nearby asteroids could be a prospect in the future from NASA, others took to Twitter to tease the likes of Schiff:

Bitcoin entrepreneurs continue to repeat their own mantras, with those like Erik Voorhees repeating that Bitcoin’s scarcity simply compares favorably to fiat’s unlimitedness, saying that “the fiat printers of the world will come to learn that math is a bitch”.

So far, Tom Lee of Fundstrat has yet to see his Level 10 FOMO predictions kick off, as they should have at USD 10,000, although other people are now coming up with new research to suggest that this unbridled frenzy of interest is yet to come, with the current all-time high of close to USD 20,000 being the mark. That anyway is many months away to come.

 

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