Bitcoin price reached its highest level in ten months on July 27, with bulls sending its price past the $10,350 zone. According to data from CoinMarketCap, bitcoin price reached highs of $10,363 on some crypto exchange platforms, its best performance September 9, last year.
Cryptocurrency markets commenced taking advantage of the bullish momentum as the trading week started, bitcoin followed the same path safe-haven assets such as gold and silver, surprising both traders and analysts. Some key factors have helped drive the price of bitcoin, including the uncertainty clouding China’s measures over coronavirus pandemic.
At press time, Bitcoin price is $10,853 , after breaking past the $10,500 key resistance level. Some analysts believed that once bitcoin has tested this key resistance, the price will reach the $11,000 zone, which the most popular cryptocurrency is closing on.
Bitcoin price behaving similar to gold and silver
As the value of the U.S. dollar plummets, safe-havens are now on the driving seat of the global economy. The uncertainty clouding the measure taken by China over the coronavirus pandemic and the diminishing dollar are among the factors driving the value of safe-haven assets. Gold is currently at a record high, while silver is putting up a strong performance reaching $24.
Meanwhile, renowned crypto bear Peter Schiff as usual is still disregarding Bitcoin’s bullish momentum, claiming that the rally is non-existent and that investors are making excuses for its failure.
It's laughable reading #Bitcoin pumper's excuses for Bitcoin's failure to rally. One "explanation" is that all the institutional buyers entering the market are smoothing out the volatility. Another is that big investors are manipulating the price down so they can accumulate more.
— Peter Schiff (@PeterSchiff) July 24, 2020