Bitcoin Sees Yearly Highs After Binance U.S. Ban

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BTC saw yearly highs of $9,333 over the weekend as the ramifications of the decisions taken by exchanges Binance and Bittrex to restrict the activities of U.S. users saw a mass sell off of alt coins into BTC. The price action, which continues the incredible push towards $10k that many thought was off the table when BTC dropped back to the $7,500 level, now mirrors that not seen since mid-April 2018, with the key difference being that back then BTC was coming off an all time high whereas now it is coming up from the opposite direction.

$10,000 This Week?

In the short term BTC still looks strong, with the end-of week pullback to $8,800 being quickly eaten up by a bullish engulfing candle which took it back above $9,000. Assuming BTC continues its upwards trajectory, and currently there seems to be no reason why it wouldn’t, the next big resistance will be $10,000, which is a huge psychological barrier. BTC first approached that level in November 28, 2017, and it took multiple attempts to get over it, finally managing it three days later, where it then shot straight up to $11,000. All talk of a pullback is currently off the table sentiment-wise, but it would be sensible to assume that $10,000 will be the make or break level – should it break over $10,000 then there is the real possibility of the FOMO cycle really taking stride, pushed once again by the mainstream media, followed by an assault on all-time highs, but should it show signs of weakness when trying to breach that level then we could see this foray into five figures as the ceiling for this mini bull-run.

Wen Alt Szn?

With BTC hoovering up all the volume alts continue to suffer, compounded by the fact that American traders are liquidating their alt positions before they lose access to them. Some are gaining slightly in dollar terms, but the only way holders will enjoy anything like an alt season is when BTC puts down roots for a week or so, something it doesn’t currently look like it wants to do. Given the parabolic nature with which the recent run has come about there is more chance of an equally quick drop back to the mean once it hits its short term top, meaning that alts will suffer in both directions. There aren’t many attractive alt setups out there at the moment, suggesting that your money is better sitting in BTC right now, perhaps with a little cash on the sidelines to buy up any dips. Whatever happens this week, it’s looking like we’ll need our seatbelts on. #Lambo2020 y’all.