Bitcoin hit the record high, the USD 11K, continuously showing bullish sign
US stock rose thanks to the USD 1 trillion economic stimulus package and the rise of tech-related to stocks ahead of earning week for Apple and Amazon. ON 27th(ET), in the New York Stock Exchange, Dow Jones Industrial Average 30 Index traded at 26,584.77, advanced 0.43%. S&P 500 Index ended at 3,239.41, climbed 0.74%; the Nasdaq Composite Index recorded 10,536.27, fallen 2.29%. US blockchain technology stocks surged 1.67%.
Gold price soared to a record high, while the US stocks surged. In New York Mercantile Exchange(NYMEX), gold hit USD 1,931 per ounce, increased by 1.8% compared to the previous trading session. Gold price surged, due to the fall of US currency and investors sentiment to seek safe assets amid the escalation of tensions between the US and China.
Bitcoin price hit USD 11K, surged by 14%, marking the highest record this year. It means bitcoin broke above the long-term resistance line, starting to rally. Major indicators, including RSI and MACD, also suggests that Bitcoin bulls are now dominating the market.
"Bitcoin price could rapidly move higher as traders’ sentiment will have grown increasingly bullish after the long-term resistance level becomes a new support," anticipated Keith Wareing, the renowned trader and Cointelegraph contributor.
"Bitcoin hit the highest price for the first time in recent couple of months. Thus, some traders see that BTC price can be surged, as it broke above the downard trendline since December, 2017 and June, 2019," reported Coindesk.
"Bitcoin price can reach USD 120K in next few years. It will enter bull market for 2 and half years, recording the USD 19.5K by 2021," said Alistair Milne, the Chief Investment Officer of Altana Digital Currency Fund.