Bitcoin adds 9%, Rallies above $16,300 for the First Time in 3 Years
For the first time in three years, the Bitcoin price is trading above $16,300 easing past intermediate resistance levels. Fueling Bitcoin demand are wide-ranging fundamentals around inflation fears and the political situation in the world’s economic powerhouse. Bitcoin tailwind is because of its inherent properties including the resounding support from analysts and public companies as a store of value.
The Bitcoin price is one of the top-performing assets. Adding an impressive nine percent in the last week of trading and stretching ETH--whose set of fundamentals are also decent, it shows the strength of the underlying momentum. From institutional pumps to legitimization by Iran, Bitcoin is gaining prominence and turning out as a safe haven, held in the same breadth as gold.
Impact on the BTC Price:
The $3,500 rally in less than three weeks will likely trigger FOMO. The resulting influx will further pump prices towards the $20,000 level, a psychological number and a figure last tested in early 2018.
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