The leading crypto asset Bitcoin has surged to a new yearly record reaching $16.000. The price is up over 4% during the last 24 hours.
Related: Bitcoin hashrate jumped by 30% in a day
This is the first time since 2018 Jan. 8 that the BTC price was that elevated. One of the reasons is PayPal allowing spending it on Oct. 21, after which the price went up about 35%.However, the cryptocurrency experienced a sell-off shortly after touching the three-year high. Dealers decided to book their earnings, showing a consensual agreement that placing new Long entries at $16,000 is a risky trade. As usual, BTC/USD failed to close above the level that led its rate lower in the successive hourly sessions.
Some analysts believe Bitcoin would see its “first real crash” despite staying in an extended bull market. The technical aspects suggest that if the asset overcomes the first resistance at $16,000, it could face the next ones at $16,170 and $16,250. Alternatively, BTC could rely on $15,600, $15,200, and $15,000 if another decline appears.