The Bitcoin price is now above $12,000 after weeks of attempting to break past this resistance point. Today’s price gain now means Bitcoin (BTC) has set a new 2020 high as the bullish advance for the year continues.
Bitcoin’s current price run is also coming at a time when the network fundamentals are continuing to improve. SegWit utilization in payment transactions is at an all-time high (ATH) despite the fact that the adoption of the protocol upgrade has dipped slightly since the Black Thursday market crash.
Bitcoin Price Finally Cracks $12,000 Resistance
The Bitcoin price is now north of $12,000 with the top-ranked crypto trading at above $12,300 at the time of writing. This current price move comes after numerous attempts to scale the $12,000 resistance level to no avail.
Indeed, as previously reported by Blockonomi, the $12,000 price mark had been proving a “hard nut to crack” for the largest crypto by market capitalization. Last week, the BTC price did go above $12,000 but the filling of the $11,700 CME futures gap triggered a sudden $500 downward retrace.
At $12,300, the Bitcoin price performance is above 70% year-to-date (YTD). Since the crash to $3,800 during the Black Thursday market panic, BTC has managed to increase by over 220%.
Monday’s price push is coming after a week of positive institutional adoption news for Bitcoin. MicroStrategy, a Nasdaq-listed business intelligence firm acquired $250 million in BTC with the company set to hold Bitcoin as a treasury reserve asset. While announcing the purchase, the company’s CEO identified Bitcoin as a bona fide hedge against inflation and currency debasement.
Gemini founders Tyler and Cameron Winklevoss were also able to convert Barstool’s Dave Portnoy to adopt Bitcoin. Like the MicroStrategy CEO, Portnoy was also a BTC critic proving that mainstream investors are becoming more aware of the haven asset potential of Bitcoin.
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