Yes, we finally did it. Bitcoin hit an all-time high today on a few exchanges.
When last week, the market was expecting new highs, the digital asset fell to $16,300, and this week, when another pullback has been expected, Bitcoin hit a new all-time high.
Bitcoin hasn’t breached $20,000 yet on spot exchanges, but on several exchanges, a new peak has been set.
$BTC breakout to new ATH is clearly significant.
Watch for upside breakout here — bullish indicator given BTC’s uptrend + rising volume.
— Kevin Kelly, CFA (@Kevin_Kelly_II) November 30, 2020
While BTC hasn’t hit the sweet $20k yet, we hit it on Bakkt and CME’s futures market.
In the immediate dip after the pump to new highs, which has BTC currently trading around $19,150, Kraken actually saw Bitcoin going as low as $16,600, unlike other exchanges where BTC only went about $19,000 level.
With these gains, 100% of Bitcoin’s circulating supply is currently in profit.
“In trading, if everyone wants something, it never does. At 19K, everyone was expecting “one more push” to 20K, we dumped 3K instead. At 16K, everyone expected a “deadcat bounce” to 18K then 14K, so we short squeezed to 20K instead,” noted Charles Edwards, founder of Capriole Investments. “The market is a position weighing machine.”
Bitcoin surpasses $19,700!
100% of addresses holding BTC are making profits on their positions 🚀 pic.twitter.com/QZJTOe3LgL
— intotheblock (@intotheblock) November 30, 2020
Up 42.75% in November, Bitcoins’ year-to-date performance has risen to 176%. Now, it’s to be seen how high we close this month. Trader and economist Alex Kruger commented,
“This is how “institutions are coming” looks like. It’s not just institutions though. It is everyone. Institutions, high net worth individuals, retail, and even some corporates. All at the same time.”
Today, Janet Yellen has also been confirmed to be the first woman for Treasury Secretary’s role.
Another interesting development has been seen with the USD. At the same time, Bitcoin is ready to embark on price discovery, the US dollar made fresh 2020 lows, having fallen to its lowest level since April 2018.
But Bitcoin is just getting started, and it has a long way to go.